Russian President Vladimir Putin visits the UAE and Saudi Arabia today, Wednesday, and will hold talks with Saudi Crown Prince Mohammed bin Salman during a rare trip abroad to discuss oil, OPEC+, and the wars in Gaza and Ukraine. The meeting between Putin and Mohammed bin Salman, whose countries produce 20 percent of global oil, comes after a decline in oil prices despite a commitment from the Organization of the Petroleum Exporting Countries (OPEC) and Russia, collectively known as OPEC+, to increase supply cuts.
Putin is expected to have talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi before heading to Saudi Arabia for his first direct meeting with the Saudi crown prince since October 2019. The Kremlin mentioned that they will discuss energy cooperation, including OPEC+, whose members pump more than 40 percent of global oil. It added, "The close Russian-Saudi relations in this format are a reliable guarantee to maintain a stable and predictable situation in the global oil market."
The Kremlin stated they will also discuss the war being waged by Israel against the Islamic Resistance Movement (Hamas) in Gaza, the situation in Syria and Yemen, and broader stability issues in the Gulf. A Kremlin official noted that the issue of Ukraine will also be discussed.
Relations between Saudi Arabia and Russia within the OPEC+ framework have encountered difficulties at times, with a supply-cut agreement nearly collapsing in March 2020 when markets were already suffering due to the COVID-19 pandemic. At that time, Saudi Arabia reduced oil prices for its customers, while Russia indicated it was free from any obligations to maintain production quotas. However, the two countries managed to mend their relationship within weeks, and OPEC+ agreed to record cuts of about ten percent of global oil demand to support oil markets.
In October, Putin praised Crown Prince Mohammed bin Salman, stating that even if there were disagreements regarding the extension of OPEC+ cuts, the Kremlin would then seek consensus.
