Saudi Arabia and Russia seem satisfied with the cooperation between the countries in the field of the oil industry. Both countries previously signed a package of measures to prop up oil prices together with the countries of the oil cartel OPEC and other allies such as Kazakhstan (OPEC+).
The Russian Foreign Minister is visiting Saudi Arabia.
Unlike many other countries, Saudi Arabia has not yet frozen its trade ties with Russia due to Russia’s invasion of Ukraine. Moscow is under increasing pressure from the United States and Europe, among others, because of the invasion. Other Gulf oil-exporting states also maintained their ties to Moscow and did not join the sanctions imposed on Russia.
Lavrov and his Saudi counterpart, Prince Faisal bin Farhan, “praised the level of cooperation at OPEC+ level,” Russia’s foreign ministry said in a statement. It noted the “stabilizing effect that the close coordination” between Russia and Saudi Arabia is having on the global hydrocarbon market in this strategically important area.
Lavrov will meet with colleagues from across the region on Thursday at a meeting of the six-nation Gulf Cooperation Council. In addition to Saudi Arabia, the GCC includes key OPEC members, including the United Arab Emirates and Kuwait.
OPEC+ is currently gradually increasing oil production. Because of the war in Ukraine, western countries want to reduce their dependence on Russian oil. That has led to higher prices. It is, therefore, possible that the restrictions on production will be lifted earlier. According to the agreements currently in force, the restrictions will not expire until after September.