Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman recently met in Riyadh to discuss further cooperation on oil prices. This meeting comes in the wake of a fall in oil prices, despite an OPEC+ pledge to cut output further. Both leaders emphasized the significance of cooperation within OPEC+ to maintain stability in the international energy market.
In addition to discussing oil, Putin and MbS touched on various geopolitical issues, including Ukraine, the conflict in Gaza, and the Israeli-Hamas conflict. These topics reflect the broader spectrum of concerns that these influential leaders address together.
Putin’s visit to Saudi Arabia and the United Arab Emirates (UAE) is a rare occurrence, as the Russian president has seldom left his country since 2022. Accompanying him on this trip were top officials from sectors such as oil, economy, foreign affairs, space, nuclear energy, and business. The delegation’s purpose is to strengthen ties and explore potential avenues for collaboration in these areas.
The meeting between Putin and MbS in Moscow, originally scheduled, had been postponed, leading to the hastily arranged talks in Riyadh. This had raised concerns about the nature of their relationship and the future of their cooperation within OPEC+. Both leaders rely on high oil prices to support their economies, but the question of how much burden each country should bear remains.
Despite occasional strains, Saudi Arabia and Russia have managed to maintain cooperation within OPEC+ in the past. These talks in Riyadh serve as a further testament to their commitment to collaborate and work towards common goals.
Looking ahead, Putin is preparing to welcome Iranian President Ebrahim Raisi in Moscow on Thursday. This visit reinforces Russia’s engagement with key players in the region and underscores its growing relevance on the geopolitical stage. As discussions between these leaders unfold, the international community awaits further developments and their potential implications on global energy dynamics.
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