Saudi Arabia and Russia to continue OPEC+ cooperation – TASS

Major oil producer Saudi Arabia and its top ally Russia will continue to cooperate with OPEC+ targets for 2024, Russian state-owned media agency TASS reported citing Kremlin spokesperson Dmitry Peskov.  

PHOTO: Flags of Russia and Saudi Arabia behind a barrel of oil. Getty Images

Russian President Vladimir Putin’s recent visit to the UAE and Saudi Arabia has somewhat eased speculations in the oil market whether the two leading producers of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) would oblige to their oil output quotas in 2024.

During the visit, the crown prince of Saudi Arabia Prince Mohammad bin Salman Al-Saud and Putin “touched upon the cooperation within OPEC+, which will continue,” TASS reported Peskov as saying.

“The parties [Russia and Sudi Arabia] agree that our countries shoulder an enormous responsibility for cooperation so as to support the international energy market at a proper level and in a stable and predictable condition. This cooperation will be continued,” Peskov added.

Earlier this month, the Vienna-headquartered oil group convened virtually to discuss supply quotas and production cuts for its members, “aimed at supporting the stability and balance of oil markets.”

OPEC’s de-facto leader Saudi Arabia said it will cut an additional 1 million b/d oil supply starting 1 January until the end of March 2024. Meanwhile, its top ally Russia agreed to cut exports by 500,000 b/d during January-March 2024, the group said. This will consist of 300,000 b/d of crude oil and 200,000 b/d of refined products, it further added.

“There is a range of concrete plans to enhance cooperation in which the Saudi side has shown an interest,” Peskov was quoted as saying.

By Aparupa Mazumder 

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