Russian President Vladimir Putin has praised the "very important role" of Saudi Crown Prince Mohammed bin Salman in energy markets, stressing that Russia will continue coordinating with Saudi Arabia in this framework.
Putin told the "Russian Energy Week" conference in Moscow on Wednesday that the Crown Prince "plays a very important role, he is very active in this regard."
"I am sure that the coordination of the OPEC+ partners' actions will continue," Putin said, adding: "This is important for the predictability of the oil market, and ultimately for the well-being of all mankind."
OPEC+ members, he said, would "fulfill their commitments in full and successfully cope with all challenges."
Asked if the OPEC+ agreement to cut supply would be extended, Putin said: "Most likely. We need to consult with colleagues – our decisions are made by consensus."
"Today, it looks like we will continue our cooperation."
Earlier, Russian Deputy Prime Minister Alexander Novak said that Saudi Arabia and Russia discussed the situation in the oil market and crude prices in light of the escalating conflict between Israel and Hamas.
Novak met with Saudi Energy Minister Prince Abdulaziz bin Salman in Moscow on Wednesday before the "Russian Energy Week" conference.
The Russian minister said that he discussed with Prince Abdulaziz the oil market conditions and cooperation within the framework of OPEC+.
"Of course, this was at our internal meeting [on OPEC+ cooperation]. One of the most important topics we discussed today,” Interfax news agency quoted Novak as saying.
"We are in constant contact, and we used such an opportunity in our meeting to discuss the situation in the market."
Furthermore, Kremlin spokesman Dmitry Peskov said it took much work to overestimate Russia's coordination with Saudi Arabia and other partners on global oil markets amid the escalating conflict in the Middle East.
He told reporters that the visit of Prince Abdulaziz to Moscow provided an opportunity to look into current affairs.
"Of course, the global oil markets are very sensitive to the events that are currently unfolding around the Palestinian-Israeli conflict, and of course, in this case, our coordination with the Saudis and our other partners ... is difficult to overestimate its importance," Peskov said.
Russia and Saudi Arabia also held a meeting of their inter-governmental commission.
Novak said at the start of the session that Russia was ready to boost oil product supplies to Saudi Arabia. Gulf states, which have their significant refineries, usually re-export Russian fuel.
The official announced that Russia is ready to ship more petroleum products to Saudi Arabia. He added that Russia is also prepared to cooperate with the Kingdom in the peaceful uses of nuclear energy and the supply of food and agricultural products.
Novak explained that Russian companies from several industries are exploring localizing their production in the Kingdom.
He said that Russian companies have the necessary skills to develop cooperation with Saudi partners in priority industrial sectors, adding that various companies are looking for opportunities to produce locally in the Kingdom.
He added that establishing a working group on industry is an essential step in industrial cooperation between the two nations.
