Saudi Crown Prince, Putin Discuss ‘OPEC Plus’ Agreement

Crown Prince Mohammed bin Salman bin Abdulaziz of Saudi Arabia and Russian President Vladimir Putin had a telephone conversation.

according to the statement released by Kremlin, the two leaders discussed in detail the implementation of the OPEC Plus agreement for oil production.

A statement from the Kremlin stated that Putin has agreed to continue bilateral cooperation between Moscow and Riyadh to promote cooperation in stabilizing the global energy market.

The heads of the two OPEC member states agreed to reduce production outside the organization, stabilize prices and coordinate the reserves of petroleum products.

The International Energy Agency said global oil supplies still exceeded demand. The main reasons for the increase in oil supply and the decrease in demand are measures to control the coronavirus pandemic.

The agency says demand for oil should increase after the discovery of the coronavirus vaccine. That is why oil-producing countries are allowed to store oil carefully.