Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability

Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meeting on Wednesday.

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Two OPEC+ delegates told Reuters on Monday that the panel was likely to recommend keeping the group’s current oil output policy.

Russian oil production has so far shown resilience in the face of Western sanctions imposed after Moscow sent troops into Ukraine on February 24 and price caps introduced by Western countries in December.