The Significance of OPEC+ Collaboration was Discussed by Saudi Prince Salman and Russian President Putin.

In a phone conversation on Thursday, Russian President Vladimir Putin and Saudi Arabian Prince Mohammed bin Salman emphasized the value of continued collaboration within the OPEC+ group of oil producers, according to Reuters, citing the Kremlin.

July 22, 2022 - 12:52 PM 283 views

The Significance of OPEC+ Collaboration was Discussed by Saudi Prince Salman and Russian President Putin.

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© The Significance of OPEC+ Collaboration was Discussed by Saudi Prince Salman and Russian President Putin.

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In a phone conversation on Thursday, Russian President Vladimir Putin and Saudi Arabian Prince Mohammed bin Salman emphasized the value of continued collaboration within the OPEC+ group of oil producers, according to Reuters, citing the Kremlin.

Key Takeaways

Before pushing for the output increases, "Saudi Arabia held extensive consultations with Russia."

Riyadh wants to keep Russia on board to strengthen its negotiating power in the oil market, while Moscow benefits from being a member of OPEC+ at a time when the West is attempting to choke off its economy with sanctions over the war.

The Market Reaction

On the strength of the aforementioned reports, WTI is currently regaining the $97 level and has gained 1.02 percent today.

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