Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed enhancing cooperation regarding oil prices on Wednesday. The Saudi news agency reported that the Crown Prince praised the joint coordination between the two countries, "which helped ease much of the tensions in the Middle East." Putin and the Crown Prince, the de facto ruler of the world's largest crude oil exporter, held hastily arranged talks shortly after the Kremlin leader's visit to the UAE. Kremlin spokesperson Dmitry Peskov stated, citing Russian news agencies, that cooperation will continue within OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies, including Russia.
The meeting took place after a decline in oil prices, despite OPEC+'s commitment to further reduce supplies. Interfax news agency quoted Peskov as saying, "We spoke again about cooperation in OPEC+. Both parties agree that our countries bear significant responsibility in interacting to maintain the international energy market at an appropriate and stable, predictable level." It was expected that Putin, who has rarely left Russia since sending troops to Ukraine in February 2022, would discuss the conflicts in Ukraine and Gaza. The Saudi news agency quoted the Crown Prince as saying, "We share many interests and many files that we are working on together for the benefit of Russia, Saudi Arabia, the Middle East, and the world as well."
In comments broadcast on Russian television, Putin thanked Crown Prince Mohammed bin Salman for the invitation, saying he initially expected the Crown Prince to visit Moscow, "but plans changed." He stated that their next meeting should take place in Moscow and added, "Nothing can prevent the development of our friendly relations."
Russian Su-35 fighter jets accompanied Putin's plane, and they will also accompany him to Riyadh and then to Moscow. The Russian delegation included senior officials in the fields of oil, economy, foreign affairs, space, and nuclear energy. During his first stop in Abu Dhabi, UAE President Sheikh Mohammed bin Zayed Al Nahyan welcomed his "dear" friend, and Emirati fighter jets also saluted him by drawing the colors of the Russian flag in the air with smoke. Putin told Sheikh Mohammed bin Zayed, "Our relations, largely thanks to your position, have reached an unprecedented high level." He added, "The UAE is Russia's main trading partner in the Arab world."
Putin mentioned that Russia and the UAE cooperate as members of OPEC+, an alliance that collectively produces over 40% of the world's oil. This was the first direct talks between Putin and Mohammed bin Salman since October 2019, coming days after a scheduled OPEC+ meeting was postponed due to disputes, instead of the Crown Prince's planned visit to Moscow. Putin's last visit to the region was in July 2022 when he met with Iranian Supreme Leader Ayatollah Ali Khamenei in Iran. Putin is set to host Iranian President Ebrahim Raisi in Moscow on Thursday.
**Close Relations**
Putin and Crown Prince Mohammed bin Salman have long enjoyed close relations, with their countries producing one-fifth of the world’s daily oil supply, despite occasional Western ostracism. The Crown Prince (38 years old) seeks to assert Saudi Arabia's position as a regional power not overly beholden to the United States, which provides much of Riyadh’s weaponry. Putin claims that Russia is engaged in an existential battle with the West and has sought allies in the Middle East, Africa, Latin America, and Asia amid Western attempts to isolate it.
Both the Crown Prince and Putin need to raise oil prices, which are a lifeline for their economies. The pressing question is how much burden each should bear to keep prices high and how their contributions can be verified. Last month, the OPEC+ alliance postponed its meeting for several days due to disagreements over production levels. Saudi Energy Minister Prince Abdulaziz bin Salman stated that the OPEC+ alliance also seeks more guarantees from Moscow that it will fulfill its commitments to cut fuel exports. Relations between Saudi Arabia and Russia within OPEC+ have been tense at times. An agreement to cut supplies nearly collapsed in March 2020, but the two countries managed to mend their relationship within weeks, leading OPEC+ to agree on record cuts of nearly ten percent of global oil demand.
