Photo of Russian President Vladimir Putin courtesy of www.kremlin.ru

In an announcement, the Kremlin press service said that Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed bin Salman on Friday. The conversation covered various issues, ranging from regional crises in the Middle East, to cooperation between their two nations in the global oil market.

The statement said, “The parties discussed several key topics on the bilateral agenda, with an emphasis on further expanding mutually beneficial ties in trade, economic cooperation, investment and energy.”

It also said both parties, “expressed satisfaction with the level of coordination at OPEC Plus aimed at ensuring global oil market stability” and that the “prospects for cooperation between Saudi Arabia and the BRICS were also considered.”

OPEC+ was formed in 2016, by the Organization of the Petroleum Exporting Countries (OPEC), controlled by Saudi Arabia, and a group of competing oil producers led by Russia.

Several weeks back, a number of the leading producers in OPEC+ announced they would be implementing voluntary production cuts consisting of 1.16 million barrels per day (bpd) which would begin in May and last through the end of 2023.

In addition to the cuts announced by OPEC+, Russia had already imposed its own voluntary reduction in production output, cutting 500,000 bpd in November, which it further pledged to maintain until the end of 2023. The Russian production cuts were made in retaliation for Western sanctions imposed on the country over the military conflict in Ukraine.

OPEC+ stated it was imposing its latest round of voluntary restrictions to protect the oil markets from volatility. Other organizations however, were critical of the move. The International Energy Agency (IEA) has stated the production cuts will likely exacerbate a deficit in oil supply, and could crush any global economic recovery, making energy prices even more volatile.

In addition to energy-related issues, Putin and bin Salman’s conversation covered peacemaking issues related to various flashpoint in the Middle East, although the Kremlin’s statement did not specify any specific conflicts which were discussed.

The statement said, “The two leaders exchanged views on various aspects of the developments in the Middle East in the context of the efforts Russia and Saudi Arabia are participating in to resolve regional crises.”

In the first diplomatic trip since Saudi Arabia cut diplomatic relations with his nation in 2012, Syrian Foreign Minister Faisal Mekdad made what has been termed a “breakthrough” visit to the Kingdom. In the wake of the visit, Riyadh voiced support for Syrian unity and integrity, calling for the nation’s 12 year long civil war to be solved politically.

Last month, with the help of Chinese mediation, Saudi Arabia and Iran normalized relations, which caused the initiation of peace talks in neighboring Yemen, where a civil conflict has been seen as being fueled by the conflict between Riyadh and Tehran.