Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability

Russia's President Vladimir Putin spoke with Saudi Arabia's Crown Prince Mohammed Bin Salm to discuss OPEC+ policy ahead of a meeting among the oil-producing states this week.

Economy

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The New Arab Staff & Agencies

30 January, 2023

Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged [source: Getty]

Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil-producing countries in order to maintain oil price stability, the Kremlin said in a statement

An OPEC+ panel is likely to recommend keeping the group's current oil output policy when it meets this week, two OPEC+ delegates told Reuters on Monday.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meeting at 1100 GMT on February 1.

The panel called the Joint Ministerial Monitoring Committee (JMMC) can call for a full OPEC+ meeting if warranted.

'OPEC+ leaves politics out of decisions': Saudi minister

Energy

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The New Arab Staff & Agencies

The JMMC had been due to follow a meeting of the OPEC+ joint technical committee (JTC) on Jauary. 31. This has now been cancelled, three OPEC+ sources told Reuters on Monday.

The JTC advises the JMMC and the overall OPEC+ ministerial meeting on market fundamentals.