Russia and Saudi Arabia are marking 95 years of diplomatic relations in February.
Moscow, February 16 - Neftegaz.RU. Vladimir Putin
and Mohammed bin Salman Al Saud exchanged views on the implementation of the OPEC
Both underscored in a phone call their willingness to continue close coordination between Riyadh and Moscow in the interests of maintaining stability in the global energy market.
The world's 2 largest oil exporters, Russia
and Saudi Arabia, are constantly in talks on how to support volatile oil markets.
Saudi-Russian differences over OPEC+ policy famously resulted in the price war
in March 2020, and it appears that Riyadh wants no part of another price collapse.
The oil markets looked fragile then and if it had not been for Saudi Arabia’s unilateral and one-time cut of 1 million bpd
for the months of February and March, we would have seen a more pessimistic market sentiment, including commensurate price action.
It was also that cut that kept markets stable as OPEC+ allowed Russia and Kazakhstan
to increase production by a collective 75,000 bpd for February and March, while the remaining 20 countries, other than Saudi Arabia, held firm on their December cuts.
Oil ministers from the OPEC+ group face a complex outlook for crude demand, with the reopening of economies in some parts of the world but renewed lockdowns in others.
Since last April, about 2.1 billion barrels of oil have been removed from a fragile market, with demand hit by the pandemic lockdowns and travel restrictions
The rollout of COVID-19 vaccines is fueling hopes of lockdowns being eased, boosting fuel demand.
Mohammed bin Salman and V.Putin also discussed combatting the spread of coronavirus
and the possibility of using the Russian Sputnik V vaccine in the Kingdom.