Russian President Vladimir Putin held a telephone conversation with Saudi Crown Prince Mohammed bin Salman, during which they discussed strengthening trade relations and implementing investment, logistics and energy projects.

Focus on Strengthening Trade and Economic Relations

The Kremlin statement said: “Russian President Vladimir Putin has held a telephone conversation with the Crown Prince of the Kingdom of Saudi Arabia, Mohammed bin Salman.”

He added: “The focus was on in particular on measures related to the strengthening of trade and economic relations and the implementation of promising joint projects in the Kingdom of Saudi Arabia. In addition to discussing areas of investment, transport logistics and energy”.

Cooperation within “OPEC+”

The Kremlin stressed that Putin and the Saudi crown prince value cooperation within the framework of “OPEC +”.

The “OPEC+” alliance pumps about 40% of global crude oil and has decided to cut production by 3.66 million barrels per day, which represents 3.6% of the global demand volume.

And the “OPEC+” alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, agreed last Sunday, after seven hours of talks, to cut an additional 1.4 million barrels a day of total production targets by 2024.

Saudi Arabia to Significantly Reduce Output

Saudi Arabia will significantly reduce its output from July on top of the agreed larger cut in ‘OPEC+’ to cap supply through 2024 as group seeks to ramp up falling oil prices.

The statement from the ‘OPEC+’ group revealed that alliance members will reduce the target production level for the year 2024 by 1.4 million barrels from current production targets.

6 countries, namely: (Russia, Iraq, Sultanate of Oman, UAE, Algeria and Kuwait), have joined Saudi Arabia’s decision to extend the voluntary cut in oil production until the end of 2024.

Voluntary Cut of 500,000 Barrels per Day

And an official source in the Saudi Ministry of Energy announced that, in via precautionary, the Kingdom will extend its voluntary cut of 500,000 barrels per day until the end of December 2024, in coordination with some of the countries participating in the “OPEC + ” agreement.