Saudi State News Agency reported on the evening of the 15th local time that Saudi Crown Prince Mohammed bin Salman stressed on the phone with Russian President Putin on the same day that he would continue to strengthen coordination with Russia to maintain the stability of the international crude oil market and ensure global economic growth.
The report said that the leaders of the two countries also held discussions on how to strengthen the relationship between the two countries and exchanged views on regional and international issues such as the Syrian and Gulf situation.
Saudi Arabia and Russia are both the most important oil producers in the world, and the relationship between the two countries and their respective oil policies directly affect the trend of international crude oil prices.
In March 2020, the price war broke out due to the inability of Russia to reach an agreement on oil production reduction, and the price of international crude oil plummeted for a time.
Since then, the Saudi-led Organization of Petroleum Exporting Countries (OPEC) has unified its position with non-OPEC oil-producing countries such as Russia on the issue of oil production reduction.
In addition, Saudi Arabia’s voluntary reduction of its crude oil production has gradually recovered, and the price of international crude oil has risen by more than 20% in the first six weeks of this year.
According to the plan, the meeting of energy ministers of OPEC member states, including Saudi Arabia, and non-OPEC oil-producing countries such as Russia will be held on March 4.
Analysts believe that the statements made by Saudi Arabia and Russia at this meeting will have a significant impact on the performance of the oil market in the second quarter and even the whole year.