RUSSIA’S President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked on the Organization of Petroleum Exporting Countries and its allies (Opec+) cooperation by phone, the Kremlin said.

The two leaders “gave high praise to the level of cooperation within the Opec+ that allows to make timely and effective steps to maintain the balance of oil supply and demand”, according to a statement late on Wednesday (Jun 7).

The phone call between the two de-facto leaders of the Opec+ follows the alliance’s meeting in Vienna over the weekend. Opec+ agreed to extend its existing production cuts to the end of 2024. Saudi Arabia also said it would make an additional oil output cut of 1 million barrels a day in July that could be extended further.

Russia and Saudi Arabia’s leaders noted “the importance of reached agreements”, according to the Kremlin statement.

The two leaders also discussed bilateral cooperation, including measures to further increase trade and economic ties and joint projects. BLOOMBERG