Russia, Saudi to discuss efforts to keep oil markets stable – Middle East Monitor

Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman discussed ways to ensure global oil market stability within the framework of OPEC+.

In a statement, the Kremlin said the leaders also discussed developing bilateral cooperation in the areas of politics, trade, economy and energy.

The debate comes as European sanctions on Russian oil enter a new phase, with imports of Russian petroleum derivatives transported by sea banned from entering most EU member states from 5 February. be done.

The EU ban could force Russia to cut production, and bloc members are looking to other suppliers to meet their fuel needs.

Russia is the world’s third largest crude oil producer, producing about 11 million barrels per day and exporting about 5 million barrels of crude oil and about 3 million barrels of petroleum derivatives per day.

read: OPEC+ Seen Sticking to Oil Production Policy at Feb. 1 Meeting – Deputies