Putin, bin Salman underscore importance of cooperation within OPEC+ format

MOSCOW, October 13. /TASS/. Russian President discussed issues of bilateral cooperation, including within the OPEC+ format, during a phone call with Saudi Crown Prince Mohammad bin Salman, which took place on Saudi initiative Tuesday.

“[The sides] positively evaluated the achieved level of bilateral relations, expressed mutual intent for further development of Russian-Saudi cooperation in various fields. [The sides] had a substantial exchange of opinions regarding the current situation in global energy markets. [The sides] underscored the importance of further joint work, including in the OPEC+ format,” Kremlin press-service said in its statement.

The updated OPEC+ agreement entered force on May 1. It implied reduction of oil output by 9.7 million barrels per day (bpd) during May to July. According to the agreement, Russia and Saudi Arabia reduced their oil output equally – by 2.5 million bpd from the baseline level of 11 million bpd. The agreement will last for two years, although its parameters could be reviewed in December 2021.

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