Riyadh, 22 July 2022 (TDI): President of Russia, Vladimir Putin, and Saudi Crown Prince, Mohammad bin Salman, spoke by phone on Thursday.
According to a press release from the Russian President’s office, both leaders underlined the importance of further cooperation within the OPEC+ oil producers’ group.
📞 | HRH Crown Prince Mohammed bin Salman receives a phone call from President of #Russia pic.twitter.com/SxFgsHmE0x
— Foreign Ministry 🇸🇦 (@KSAmofaEN) July 21, 2022
The conversation took place six days after the American President visited Saudi Arabia. It highlights Saudi Kingdom’s importance to Washington and Moscow at a time when Russia’s war in Ukraine is rolling global energy markets.
On June 2, OPEC (Organization of Oil Exporting Countries) agreed to a larger than expected rise in output. US President Biden welcomed this step after the United States had called for more supply.
“The current situation on the world oil market was considered in detail. The importance of further coordination within the framework of OPEC+ was emphasized,” as per Kremlin.
“It was noted with satisfaction that the countries participating in this format are consistently fulfilling their obligations to maintain the necessary balance and stability in the global energy market,” it added.
President Biden ended his Middle East trip last week without any significant announcement that the Saudi Kingdom would raise oil production to bring down fuel prices which have been spurring the highest USA inflation in four decades.
Russia-Saudi Arabia Relations
The Soviet Union was the first country to establish full diplomatic relations with the Kingdom of Hejaz and Nejd (the name of the Saudi state until 1932). The relations began in 1926 as a means for Moscow to stand up to the UK.
Since the formation of Russia in 1991, Saudi-Russia relations have never developed beyond symbolic visits.
Saudi King Salman’s 2017 visit to Moscow is viewed as a major development in their bilateral relationship. During his visit, the Saudi King brought a 1,500-strong delegation, and many agreements were signed in different areas, including oil and military.
The two countries are referred to as the two petroleum superpowers. Both countries combined account for about a quarter of the world’s crude oil production.
