The Kremlin announced today Saturday that Russian President Vladimir Putin has discussed with Saudi Crown Prince Mohammed bin Salman, joint positive work under OPEC +.
The Kremlin said Putin and the Saudi Crown Prince exchanged views on the situation in Ukraine and Yemen.
The sanctions imposed by Western countries on Russia raise fears that the energy sector will be hit and that prices will rise.
Russian supplies account for around 40% of Europe’s gas needs, while around 2.3 million barrels of Russian crude travel west through a network of pipelines every day.
Saudi Arabia, along with Russia, leads the “OPEC Plus” alliance, which includes 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and ten outside the organization to ensure stable oil supplies. The alliance has resisted US pressure to increase production in order to lower prices.
The “OPEC +” meeting on March 31 concluded that there was no need to change current production plans and decided to raise the group’s production ceiling by another 432,000 barrels per day, starting in May.
The group’s decision is substantially in in line with market expectations. The meeting of the ministerial committee of follow-up of the JMMC took less than 20 minutes to agree on this recommendation.
The geopolitical developments linked to the war in Ukraine have pushed oil prices to high levels recordthe highest since 2008.
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