Mohammed bin Salman Al Saud

Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud held telephone conversations and discussed the situation on the oil market. This is stated on the website of the Kremlin.

“The current situation in the world oil market has been thoroughly considered. The importance of further coordination within the framework of OPEC Plus was emphasized. It was noted with satisfaction that the countries participating in this format are consistently fulfilling their obligations in order to maintain the necessary balance and stability in the global energy market,— the message says.

Putin and Prince Salman also discussed trade and economic relations between the two countries. The parties agreed to expand cooperation in this area.

Separately, the parties touched on the situation around Syria. Putin and Prince Salman exchanged views on the state of affairs in the country, taking into account the July 19 meeting of heads of state in Tehran— guarantors of the Astana process to promote the Syrian settlement.

At the end of June, Bloomberg reported that the G7 countries are considering the possibility of setting a price ceiling for Russian oil by limiting the cost of its insurance and transportation. That the “Big Seven” considers setting a marginal cost as a way to limit Russia's energy revenues, Reuters also wrote. According to Bloomberg, we can talk about limiting the price to $40–60.

Vladimir Putin called the Western countries' initiative “fake”. According to him, this will cause the world oil price to skyrocket.

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At the end of May, The Wall Street Journal, citing sources in OPEC, wrote that members of the organization were considering options for terminating cooperation with Russia. They explained this by saying that European sanctions and embargoes “are starting to undermine Moscow's ability to produce more oil.” The newspaper writes that this year it is expected that production in Russia “will be reduced by about 8%”.

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