Kremlin Says OPEC+ Cuts Will Kick In Later, Confirms Putin To Visit Gulf

• The Kremlin confirmed that the OPEC+ group's agreed oil production cuts will take time to show results, citing inertia in the oil market.
• President Putin is set to visit the United Arab Emirates and Saudi Arabia. Putin is also scheduled to host Iranian President Ebrahim Raisi in Moscow. Discussions on oil market cooperation within the OPEC+ format are anticipated during Putin's Gulf trip. Putin will also hold talks with Saudi Arabia's Crown Prince Mohammed bin Salman.
• OPEC+ recently announced voluntary supply cuts of approximately 2.2 million barrels per day, including extensions of existing cuts by Saudi Arabia and Russia. The oil market responded sceptically to these cuts, with a 2% fall in prices last week.
• Putin's Gulf visit aims to strengthen ties and alliances. Besides energy discussions, topics such as Russia's military operation in Ukraine will be on the agenda. Putin seeks to build global alliances beyond Western countries and address regional issues, including the war in Gaza during talks with Iranian President Raisi.

(Source: Reuters)