Putin and Saudi Crown Prince MBS underline OPEC+ alliance in call

Russia's President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman have underscored the continued importance of their co-operation in OPEC+ to balance oil markets in a call June 7, following the kingdom's decision to cut an additional 1 million b/d of production.

"Both sides praised the level of cooperation within the OPEC+, which make it possible to take timely and efficient steps in order to maintain the balance of oil demand and supply. The sides noted the importance of the agreements in this regard, achieved during the recent ministerial meeting," the Kremlin press office said in a report of the conversation by the official Russian news agency TASS.

Oil prices have barely moved since the outcome of the OPEC and OPEC+ meeting held in Vienna on June 3-4, when Saudi Arabia unilaterally cut an additional 1 million b/d of production. Platts -- part of S&P Global Commodity Insights -- assessed Dated Brent at $76.705/b on June 7, compared with $76.06/b on June 2 before the Vienna meetings.

The call between Putin and the heir to the Saudi throne comes as research by S&P Global showed Russian seaborne crude exports rose to a post-war high in May despite OPEC quotas. Russia-origin seaborne crude exports averaged 3.87 million b/d in May, the highest since Russia invaded Ukraine in February 2022. Russia's seaborne crude loadings have now increased each month since February 2023 and stand 25% above average pre-war levels of 3.1 million b/d, according to S&P Global Commodities at Sea data.