The Saudi Crown Prince and Putin affirm continued coordination to support oil stability

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Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense of Saudi Arabia, received a phone call today from President Vladimir Putin, President of the Russian Federation.

The Saudi Press Agency said, during the call, cooperation between the Kingdom and Russia in combating the spread of the Coronavirus was discussed.

It was also emphasized during the call that the two sides would continue coordination to support the stability of oil markets and the growth of the global economy.

Two days ago, Mohamed Barkindo, OPEC Secretary-General, said that the OPEC + alliance will ensure that oil prices do not fall strongly again when it meets to set policy at the end of next November, adding that oil demand is recovering at a slower pace than expected.

Barkindo said, “I want to assure you that the partnership between OPEC and countries outside it will continue to do what it is good at by ensuring that we will not relapse of this almost historic decline that we have witnessed.”

Oil prices fell on Friday, adversely affected by fears that a spike in Covid-19 infections in Europe and the United States was curbing demand in two of the world’s largest fuel-consuming regions, while the strength of the US dollar added further pressure on prices.

Brent crude futures for December delivery fell 38 cents, or 0.9%, to $ 42.78 a barrel by 0708 GMT, while US West Texas Intermediate crude futures for November delivery fell 35 cents, or 0.9%, to $ 40.61 a barrel. .





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