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Saudi Arabia and Russia Push for Unified OPEC+ Agreement

Saudi Arabia and Russia have urged all OPEC+ members to join forces in order to reach an agreement on output limits.

In a concerted effort to stabilize global oil markets and bolster the world economy, Saudi Arabia and Russia, the two largest oil exporters globally, have called upon all OPEC+ members to unite under an agreement on output cuts.

High-Level Discussions and Joint Statement:

Following a prompt and impromptu meeting between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman in Riyadh, the Kremlin released a joint statement outlining the conclusions drawn from their discussions.

Stressing Cooperation and Stability:

The statement emphasized the commendable cooperation between the two nations and highlighted the successful endeavors of OPEC+ countries in enhancing global oil market stability. 

Both sides underscored the imperative need for sustained collaboration among all participating countries within the OPEC+ framework. Their purpose is to serve the collective interests of oil producers and consumers while supporting global economic growth.

Consolidating OPEC+ Agreement:

While the Russian version of the statement used “join,” the English translation opted for “adhere” to the OPEC+ agreement. 

Saudi Arabia’s state news agency SPA echoed the sentiment expressed during the meeting, emphasizing the commitment of OPEC+ members to honor the group’s agreement.

In addition to discussions on energy cooperation, the leaders delved into pressing geopolitical issues such as conflicts in Gaza, Ukraine, and Yemen. 

The Iranian nuclear program and prospects for deepening defense cooperation were also part of the deliberations.

Market Reaction and Bilateral Relations:

The decision by OPEC+ to implement cuts led to a decline in oil prices, signaling market expectations for more decisive action. 

Despite this, Putin and Mohammed bin Salman’s meeting showcased amicable gestures, highlighting the importance of their nations’ oil production globally. 

Plans for future engagements were hinted at, with both leaders expressing readiness for further discussions, indicating a future meeting in Moscow.

Conclusion and Agreement on Future Meetings:

Putin and the crown prince affirmed their commitment to advancing their nations’ amiable relations, agreeing to hold the next meeting in Moscow, underscoring their dedication to continued discussions and cooperation.

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