by Vladimir Soldatkin
MOSCOW, December 6 (Reuters) – Russian President Vladimir Putin arrived in Abu Dhabi, capital of the United Arab Emirates, on Wednesday, where he will meet with his counterpart Mohammed bin Zayed, before flying to Saudi Arabia , Russian news agencies reported.
The Russian head of state will subsequently meet Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS) to discuss oil, OPEC+ and the conflicts in Gaza and Ukraine.
This meeting with MBS, the first since October 2019, comes as oil prices have fallen despite a commitment from the Organization of the Petroleum Exporting Countries and their allies (OPEC+) to further reduce supply.
The Kremlin indicated that they would discuss energy cooperation, particularly within the framework of OPEC+, whose members pump more than 40% of the world’s oil.
“Close coordination between Russia and Saudi Arabia in this framework is a reliable guarantee of maintaining a stable and predictable situation in the global oil market,” the Kremlin said.
They will also discuss Israel’s war against Hamas in the Gaza Strip, the situation in Syria and Yemen, as well as broader issues relating to stability in the Gulf region. The leaders will also address the issue of Ukraine, a Kremlin aide said.
Relations between Saudi Arabia and Russia within the framework of OPEC+ cooperation have at times been difficult and the countries almost broke an agreement on production cuts in March 2020, when markets were already shaken by the COVID-19 crisis.
At the time, Saudi Arabia cut oil prices for its customers, while Russia said it would not meet production quota obligations.
However, the two countries managed to rebuild their relations and OPEC+ agreed to record cuts of almost 10% in global oil demand, in order to support oil markets.
In October, Vladimir Putin praised Mohammed bin Salman and said that if there were differences over extending OPEC+ cuts, the Kremlin would seek consensus. (French version Kate Entringer, edited by Blandine Hénault)
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