Putin discusses the oil market with the Saudi crown prince

The Kremlin recently said that Russian President Vladimir Putin had a phone call with HRH Saudi Crown Prince Mohammed bin Salman to discuss cooperation within the “OPEC +” group of oil-producing countries in order to maintain the stability of oil prices.

The Kremlin added that Putin discussed trade and energy cooperation with HRH Prince Mohammed bin Salman.

The OPEC + coalition, led by Saudi Arabia and Russia, includes about 23 oil-exporting countries, of which 13 are members of the Organization of Petroleum Exporting Countries (OPEC). This agreement was reached in November 2016 with the aim of ensuring the stability of oil markets.

It is worth noting that five sources in OPEC + said last week that the ministerial committee in the group is likely to approve the current oil production policy when it meets next week, at a time when the market is witnessing a balance between hopes for a recovery in Chinese demand, which is driving the rise in oil prices, and economic concerns.

Ministers from the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+ met on February 1.