By Stefan J. Bos, Chief International Correspondent Worthy News
MOSCOW/RYADH (Worthy News) – The world’s biggest oil exporters, Russia and Saudi Arabia, have urged all members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut production.
Faced by lower oil prices linked in part to oversupply, Moscow seems determined to boost revenues as it wages a costly war in Ukraine and tries to overcome Western sanctions, according to a Worthy News assessment.
Riyadh also wants to stabilize markets because lower oil prices have impacted revenues, bringing back a deficit as spending remained high. Saudi Arabia has been spending on mega-projects to boost its non-oil economy and reduce its dependency on petroleum exports.
Yet Russia and Saudi Arabia remain heavily reliant on oil revenues, promoting Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to discuss further oil price cooperation after a tense OPEC+ meeting.
Hours after Putin went to Riyadh in a hastily arranged visit to meet the Saudi crown prince, the Kremlin released a joint Russian-Saudi statement about the conclusion of their discussions.
The Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies agreed last week to new voluntary cuts of about 2.2 million barrels per day (bpd), led by Saudi Arabia and Russia rolling over their voluntary reductions of 1.3 million bpd.
CONTINUING COOPERATION
“In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets,” said the statement released by the Kremlin.
“They stressed the importance of continuing this cooperation, and the need for all participating countries to join to the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy,” the statement, which was in Russian, added.
The Russian version used the word “join,” while an English translation of the statement, also released by the Kremlin, used “adhere” to the OPEC+ agreement.
Saudi state news agency SPA said that the crown prince, known as MbS, and Putin had emphasized in their meeting the need for OPEC+ members to commit to the group’s agreement.
Reuters news agency quoted oil market sources as saying that such an explicit public remark from the Kremlin and the kingdom about “joining” cuts appeared to be an attempt to send a message to members of the OPEC+ club who had not cut or not cut enough.
A key member of OPEC+ reportedly excluded from the cuts is Iran as its economy has been under various U.S. sanctions since 1979 after the seizure of the U.S. embassy in Tehran.
IRAN PRODUCTION
Iran is reportedly boosting production and hopes to reach an output of 3.6 million bpd by March 20 next year.
After his return to Moscow from Saudi Arabia, Putin on Thursday held talks with Iranian President Ebrahim Raisi in the Kremlin.
Russia’s Deputy Prime Minister Alexander Novak and Defense Minister Sergei Shoigu also participated in the talks.
Putin’s hastily arranged trip to Riyadh and Abu Dhabi, on which he was escorted by four Russian fighter jets, came amid mounting in Russia about oil prices.
The Kremlin also said Putin and MbS discussed the armed conflicts in Gaza, Ukraine, and Yemen, the Iranian nuclear program, and deepening defense cooperation.
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
The Trump administration has finalized a sweeping reciprocal trade agreement with Taiwan, confirming a 15 percent U.S. tariff rate on Taiwanese imports while securing broad new market access and purchase commitments for American goods.
Democrats are applauding White House border czar Tom Homan’s Thursday announcement that immigration enforcement operation in Minnesota will end next week.
Democrats in the U.S. Senate tanked the Homeland Security full-year funding bill in a last-ditch vote Thursday, all but guaranteeing a partial government shutdown starting Saturday.
Mourners in a remote Canadian town grappled Thursday with the aftermath of one of the country’s deadliest school shootings in decades, as families, survivors and leaders reacted to the tragedy that left eight victims — most of them children — dead, along with the 18-year-old suspect.
A gunman who opened fire at a school in southern Thailand’s Hat Yai city on Wednesday wounded a teacher and a student before being detained, authorities said, in a rare attack that sent students and staff into panic.
The Republican-led House of Representatives has passed the Safeguard American Voter Eligibility (SAVE) America Act, advancing legislation that would require proof of citizenship to register to vote and photo identification at the polls. The bill now heads to the Senate, where its future remains uncertain amid strong Democratic opposition.
Israel’s Ministry of Defense announced on Wednesday that its advanced David’s Sling air and missile defense system has completed a series of complex modernized tests, a development officials say bolsters the country’s defensive posture as tensions with Iran escalate and the United States prepares military options that could include direct strikes.