The joint work of Russia and Saudi Arabia in the OPEC+ format was given a positive assessment during a phone call on Saturday between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman.
During the call conducted at the initiative of the Saudi side, the two leaders discussed the ongoing situations in Ukraine and Yemen, current issues of bilateral cooperation, including in trade and the economy, and vowed to further develop mutually beneficial ties between Kremlin and Riyad.
According to the official Saudi Press Agency report on Saturday, the crown prince has also reaffirmed the Kingdom’s support in finding a political solution to the Russia-Ukraine conflict.
Russia’s invasion of Ukraine has sent oil prices to above $139 a barrel, the highest since 2008, and has worsened inflationary pressures.
Citing the impact of Russia’s invasion of Ukraine on rising inflation as crude prices soar and the resurgence of the Covid-19 in China that has prompted new lockdowns, OPEC has cut on April 12 its forecast for growth in world oil demand in 2022.
The Organization of the Petroleum Exporting Countries said in its monthly report that world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.
Previously on Friday, China’s President Xi Jinping told Crown Prince Mohammed bin Salman in a phone call that Beijing will maintain high-level cooperation in energy with Saudi Arabia as the war in Ukraine continued to push up fuel prices.
The Kingdom has strengthened energy ties with China earlier in March as the oil producer Saudi Aramco agreed to build a refining and chemicals project worth several billion dollars that will tap into China’s future demand.
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