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Putin, Prince Al Saud discuss coordination within OPEC+

The sides agreed to maintain contacts at all levels

MOSCOW, October 17. /TASS/. In a second phone conversation held this week, Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud focused on the agreements within OPEC+ and voiced readiness for further coordination in that field, the Kremlin said on Saturday.

"In the continuation of the previous phone conversation of October 13, [they] had an extensive exchange of views on the implementation of current agreements within the OPEC+ format. Both sides once more emphasized their readiness for further close coordination in this field to maintain stability in the world energy market," the press service said.

The sides agreed to maintain contacts at all levels.

On October 13, at the request of Saudi Arabia, Putin and Prince Mohammed bin Salman Al Saud held talks by phone focusing on bilateral cooperation, including within the framework of OPEC+.

The updated OPEC+ agreement came into effect on May 1. The countries involved in the deal were to cut oil production by 9.7 million barrels per day in May-July. From August to December 2020, the oil producing countries are to cut production by 7.7 million barrels per day, and from January 2021 to the end of April 2022 - by 5.8 million barrels per day. The agreement will be in effect for two years, but the deal’s parameters may be revised in December 2021.