Kremlin confirms no communication with Saudi crown prince ahead of OPEC+ meeting

2023 11 27T105503Z 174275005 RC2ML4ARBVEY RTRMADP 3 RUSSIA VTB scaled
Russian President Vladimir Putin attends a meeting with CEO of VTB bank Andrei Kostin in Moscow, Russia, November 27, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

On Tuesday, the Kremlin clarified that there were no scheduled communications between President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman ahead of the OPEC+ meeting this week, as stated by Kremlin spokesman Dmitry Peskov during a telephone briefing.

Responding to inquiries about potential agreements following the OPEC+ meeting and any planned discussions between Putin and the Saudi crown prince, Peskov stated, “So far, no phone contacts are planned for this week.” He emphasized the discreet nature of OPEC+ activities, noting, “As for OPEC+, as you know, we never announce anything. This is quite delicate work, responsible work. Russia continues contacts with its counterparts in this format.”

The meeting, initially set for Nov. 26, was delayed, with OPEC+ sources attributing the postponement to a disagreement over output levels for African producers.

Subsequent reports suggest that the group has made progress toward reaching a compromise on this matter.

OPEC+ is a coalition of oil-producing countries that collaborate to manage and stabilize global oil prices through coordinated production levels. The group includes both OPEC (Organisation of the Petroleum Exporting Countries) members and non-OPEC oil-producing nations.

OPEC+ evolved from OPEC’s efforts to strengthen its influence over oil markets. The alliance between OPEC and non-OPEC countries was formalised in late 2016 to address challenges such as oversupply and falling oil prices.

Decisions within OPEC+ are typically made through consensus among member countries. Key decisions, especially those related to production levels, are often the result of intense negotiations, considering the economic interests and production capacities of each member.

Challenges faced by OPEC+ include divergent economic interests among member countries, geopolitical tensions, fluctuations in global demand, and competition from alternative energy sources. OPEC members include Saudi Arabia, Iraq, Iran, Venezuela, Nigeria, and Non-OPEC members include Russia, Kazakhstan, Mexico, Oman, etc.

 

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