Putin and Bin Salman: Call Regarding "Oil Prices"

The Kremlin stated in a press release on Monday that Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed bin Salman to discuss cooperation within the OPEC+ framework to maintain oil price stability. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, are set to hold an online meeting on Wednesday. Two OPEC+ delegates told Reuters that the joint ministerial monitoring committee of the group is likely to recommend keeping the current oil production policy. Russian oil production has so far shown resilience against Western sanctions imposed after Moscow sent troops to Ukraine on February 24. Western nations enforced a price cap on Russian oil in December. OPEC+ agreed in October to cut production by two million barrels per day starting in November and continuing until 2023.