In a telephone conversation held on Wednesday, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman applauded their collaboration in the context of the OPEC+ alliance of oil-producing countries, according to a statement by the Kremlin.
The pair devoted significant discussion to maintaining stability in global energy markets, the Kremlin's statement on the Telegram messaging platform reported. Putin and the Crown Prince commended the OPEC+ partnership for facilitating the adoption of prompt and effective measures that ensure oil supply-demand equilibrium.
The Kremlin's announcement underscored the importance of the decisions made at the OPEC+ meeting earlier this week. As per these agreements, Saudi Arabia is slated to considerably reduce its oil output in July. This reduction is in addition to the broader OPEC+ agreement to curb supply until 2024.
The group, on Sunday, agreed to lower total production targets from January 2024 by an additional 1.4 million barrels per day (bpd), bringing the total output to 40.46 million bpd. This is alongside extending the current OPEC+ cut of 3.66 million bpd.
These amendments notably involve lowered targets for Russia, Nigeria, and Angola, essentially aligning them with their current production levels.
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