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Putin and Saudi Crown Prince note importance of joint efforts

Moscow — Russian President Vladimir Putin discussed the oil market with Saudi Arabia's Crown Prince Mohammed bin Salman on Wednesday and agreed the need for "close coordination" between their respective energy ministers ahead of OPEC talks next month, according to a Kremlin statement.

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"Both sides noted the importance of joint efforts in achieving OPEC+ agreements in April to limit oil production," said the statement. "They agreed that further close coordination on this issue should take place between energy ministers."

The group is due to meet between June 8-10 to discuss oil market conditions, its current production agreement, and potential future steps. In April, the 23 members of the so called OPEC+ alliance agreed to reduce output by an unprecedented 9.7 million b/d in May and June in response to plummeting demand caused by the coronavirus pandemic.

Since then, Saudi Arabia has said it will voluntarily cut a further 1 million b/d in June. The UAE and Kuwait said they will cut an additional 100,000 b/d and 80,000 b/d, respectively.

The current agreement also includes a cut of 7.7 million b/d in the second half of the year, and 5.8 million b/d cut from January 2021 to the end of April 2022.

Dated Brent has more than doubled in value since hitting a 21-year low in April. Prices have recovered as major consuming nations begin to ease lockdowns and producers reduce supplies.