• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 6 days Wind droughts
  • 11 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 11 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 8 days Oil Prices Fall After Fed Raises Rates
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Putin Calls Saudi Crown Prince To Discuss Oil Market, OPEC+

  • Putin and MBS discuss OPEC+ and oil markets in phone call.
  • Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
  • The phone call is just the latest in a series of calls between Saudi Arabia and Russia.

Russian President Vladimir Putin had a phone conversation with Saudi Arabia’s Crown Prince Mohammed bin Salman to discuss the oil market and OPEC+.

The two parties also made a note of the importance of collaboration within OPEC+, adding that OPEC+ members have consistently fulfilled their obligations to maintain market balance and stability in the energy markets.

OPEC+ has consistently failed to meet its production targets over the duration of the deal. In June, OPEC+--a group that includes both Russia and Saudi Arabia—increased its oil production by 390,000 bpd, but most members failed to meet their production targets. OPEC’s share of the increase for June was 210,000 bpd, while non-OPEC members part of the OPEC+ group increased production by 180,000 bpd, according to a recent Platts survey.

Overall, this was still more than 2.5 million bpd under the quota for the full OPEC+ group.

Russia and Saudi Arabia—the two largest producers within OPEC+--saw the biggest production gains in June.

While the group has fallen short of production targets, OPEC continues to insist that the market is in balance. Saudi Arabia has long maintained that it can do nothing beyond what it is already doing to help the oil market, and that the market is far more complex than merely pumping additional barrels of oil.

That hasn’t stopped President Joe Biden from repeatedly asking the group to increase its oil production to alleviate the high pump prices in the United States. While U.S. gasoline prices have eased over the last month to $4.44, they remain $1.278 above last year’s levels, according to AAA data.

The phone call is just the latest in a series of calls between Saudi Arabia and Russia, even after Russia’s invasion of Ukraine.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News