Russia And Saudi Arabia Urge All OPEC+ Powers To Join Oil Cuts  

• Saudi Arabia and Russia, the world's leading oil exporters, issued a joint statement urging all OPEC+ members to join an agreement on oil output cuts. The call emphasizes the importance of cooperation for the stability of global oil markets and the growth of the global economy.
• The statement follows a recent OPEC+ agreement, where members, including Russia and Saudi Arabia, committed to new voluntary cuts of approximately 2.2 million barrels per day. This move aims to stabilise oil markets, with Saudi Arabia and Russia continuing their voluntary cuts of 1.3 million barrels per day.
• Russian President Vladimir Putin's hastily arranged visit to Riyadh and Abu Dhabi remains surrounded by mystery. The trip included discussions with Saudi Crown Prince Mohammed bin Salman and Iranian President Ebrahim Raisi. The topics covered Gaza, Ukraine, Yemen, the Iranian nuclear programme, and deepening defense cooperation.
• Both Putin and Crown Prince, who collectively control a significant share of global oil production, expressed a commitment to maintaining high oil prices. The leaders engaged in friendly talks, with Putin expressing eagerness for the next meeting in Moscow, reinforcing the importance of their countries' friendly relations amid global geopolitical challenges.

(Source: Reuters)