• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 9 hours Rioting and Protesting
  • 16 hours Trump waves a Bible
  • 2 hours George Floyd’s History
  • 3 hours The Downside of Political Correctness
  • 2 hours Coronavirus hype biggest political hoax in history
  • 18 hours Healing, Not Hatred
  • 5 hours US and Australia Sign SPR Lease Agreement
  • 7 hours Let's try to link the recent events back to the situation with oil production and pricing
  • 8 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 10 mins Main Stream Media falls into depressed mood today after hearing the record May jobs report UP 2.5 MILLION JOBS !
  • 4 hours China’s Oil Thirst Draws an Armada of Tankers
  • 18 hours Let’s Try This....
  • 15 hours Trumps Oil Industry....
  • 19 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 1 day China to Impose Dictatorship on Hong Kong
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi Prince Mohammed Meets With Putin To Discuss Oil, Syria

Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman is meeting Russian President Vladimir Putin today to discuss the extension of OPEC’s agreement with 11 other oil producers to extend the cuts approved last November, as well as the situation in Syria.

Earlier in the day, Russia’s Energy Minister Alexander Novak met with his Saudi counterpart, Khalid al-Falih, to discuss, Reuters said, the situation on global oil markets.

Despite the meeting, Russian-Saudi relations are not strained. The two support opposing sides in the Syrian civil war, and they are rivals in the Asian oil market. Yet, they have been thrown together by the 2014 oil price crisis, and more or less forced to collaborate on ways to prop up prices.

While Russia, albeit with a budget deficit, has proved to be more resilient to the effect of what many observers saw as a price war waged by OPEC on U.S. shale, Riyadh has found it hard to withstand the blow and has become the most active advocate of the cuts in production.

In the 2016 oil production cut agreement, Russia made a better bargain than Saudi Arabia: it boosted its production to more than 11 million bpd in November, which was taken as a basis month for the cuts, and only agreed to cut 300,000 bpd from its output.

Saudi Arabia, on the other hand, undertook the biggest portion of the cut, and as of late May this year, according to Bloomberg, has cut production by 600,000 bpd, although its quota called for cuts of less than 500,000 bpd. Related: Russian Energy Minister: Oil Markets To Rebalance In Q3 2017

As for Syria, bilateral relations have been strained. Back in 2015, Prince Mohammed said at a meeting with Putin that Riyadh was concerned with Moscow’s military involvement in support of President Bashar Assad and warned this involvement could have “dangerous consequences”.”.

The outcome of today’s meeting, which should also include the signing of four cooperation agreements between Russia and Saudi Arabia, will be particularly interesting to see in the context of heightened tensions between Riyadh and Tehran as well as a flare-up of tension within the Gulf Cooperation Council. The latter was caused by friendly remarks from Qatar’s Sheikh about Iran on state media, which were later removed and attributed to “fake news”.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News