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Withdrawal from OPEC deal not on agenda of talks between Putin, Saudi Arabian Crown Prince

June 13, 12:10 UTC+3 MOSCOW

Saudi Arabia’s Crown Prince is arriving in Russia for the 2018 FIFA World Cup opening ceremony

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MOSCOW, June 13. /TASS/. President Vladimir Putin does not plan to discuss Russia’s withdrawal from the OPEC deal with Saudi Arabia’s Crown Prince Mohammad bin Salman on Thursday, the Kremlin spokesman Dmitry Peskov said Wednesday.

"As for withdrawal from the OPEC deal, the issue is not planned for discussion," he said.

Speaking about the discussion of oil markets’ issues in general, he proposed to wait until the meeting.

Saudi Arabia’s Crown Prince is arriving in Russia for the 2018 FIFA World Cup opening ceremony set to take place in Moscow. The opening match between Russia and Saudi Arabia is scheduled for June 14. Putin and Mohammad bin Salman are expected to attend the game.

At the end of 2016, OPEC and 11 independent oil-exporting countries, including Russia, entered into an agreement to reduce oil production. According to the agreement, during the first half of 2017, the participants had to withdraw 1.8 mln barrels per day from the oil market against the level of October 2016. Russia pledged to reduce oil production by 300,000 barrels per day. At the meeting in Vienna in May 2017, the countries extended the agreement until April 2018, retaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to five-year average levels.

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