On Thursday, the oil market was the topic of a phone call between Saudi Arabia’s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin.The phone chat came less than a week after US President Joe Biden spoke with the de facto ruler of Saudi Arabia.
Prince Mohammed and Putin had a detailed conversation about the state of the world oil market. They emphasised the significance of OPEC+’s collaboration being strengthened.For many years, the Saudi-led OPEC oil cartel has collaborated with a number of other oil-exporting countries, including Russia, to better regulate the oil market.
During the coronavirus epidemic, the organisation known as OPEC+ announced production cuts that assisted the oil market in recovering from a drop in prices to below zero.OPEC+ countries have been gradually removing such cuts, although demand has increased since Covid limitations were lifted in the majority of countries.
