Muhammad bin Salman and the Russian president make important decisions on oil prices
Riyadh, 28th May: Muhammad bin Salman has contacted the Russian president to make important decisions on oil prices.
According to reports, Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz and Russian President Vladimir Putin had a telephonic conversation in which the two leaders discussed other issues, including oil prices, production, and consumption in the world market.
The Kremlin told Reuters news agency that President Putin and Prince Mohammed bin Salman had agreed to work together to reduce oil production. The talks took place two weeks before the oil conference.
Russian officials added that President Putin stressed the importance of joint efforts to implement the agreements reached in April under the OPEC + group framework to curb oil production. The Arab and Russian petroleum ministries have agreed to work together on oil production and other issues.
The Organization of the Petroleum Exporting Countries (OPEC) and other major oil-producing countries, led by Russia, have agreed to reduce their oil production by 10 million barrels per day in May and June to reduce the stagnation of the coronavirus-infected crude market. The OPEC + group is expected to hold a virtual conference in the second week of June to discuss its production policy.
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