ANI
31 Jan 2023, 06:27 GMT+10
Moscow [Russia], January 31 (ANI): Russian President Vladimir Putin on Monday had a telephonic conversation with the Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud and discussed cooperation OPEC Plus group, according to the Russian President's website.
"Further development of bilateral cooperation in the political, trade, economic and energy sectors, as well as cooperation within the OPEC Plus group to provide the stability of the global oil market, were discussed," the website said.
The organisation of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, are all set to meet this week. The global members will seek coordination and stability on oil prices and policies. West Texas Intermediate and Brent crude were down more than 1 per cent at midday Monday, ET, according to Fox News.
Oil is under pressure on indications of strong Russian supply despite a European Union ban and G7 price cap imposed over its invasion of Ukraine. The European Union has banned imports of Russian oil products since February 5.
Edward Moya, a senior market analyst at OANDA in New York, told FOX Business, "OPEC has been reducing output, and this meeting is expected to deliver no change.""The committee wants to see China's recovery and the impact of sanctions on Russian supplies," Moya said, adding "President Putin's call with the Crown Prince could suggest the Saudis are making sure Russia is on board with keeping output steady and seeing if they anticipate they will be able to make their quotas."Hopes of a rise in Chinese demand have boosted oil in 2023. The world's biggest crude importer pledged over the weekend to promote a consumption recovery that would support demand, as per the Fox News report. (ANI)
Get a daily dose of Dallas Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dallas Sun.
More InformationUVLADE, Texas: Texas police stopped a Florida-bound freight train this week and discovered two migrants had died in a freight ...
ROLLING FORK, Mississippi: A powerful tornado has struck Mississippi, killing at least 25 people, injuring dozens, flattening entire blocks and ...
TEGUCIGALPA, Honduras: In what could signal the end of his country's decades-long relations with Taiwan, Honduran foreign minister Eduardo Enrique ...
WASHINGTON D.C.: A new US Congressional committee focusing on China held its second hearing on the alleged abuses of the ...
SAN FRANCISCO, California: A new round of extreme winter weather that hit California, also drifted into neighboring Southwest states, with ...
WASHINGTON D.C.: After several high-profile near collision incidents, the US Federal Aviation Administration (FAA) has issued a safety alerts to ...
BEIJING, California: As the world's second-largest economy is still struggling to fully recover from the long-term effects of COVID-19, most ...
NEW YORK, New York - Bank shares were being bought up on Monday as U.S. industrial stocks kicked the week ...
WASHINGTON D.C.: To address summer airport congestion and low air traffic controller staffing levels, the Federal Aviation Administration (FAA) said ...
OTTAWA, Canada: After a meeting between Canadian Prime Minister Justin Trudeau and US President Joe Biden, Ottawa has pledged to ...
NEW YORK CITY, New York: Deposits at small U.S. banks throughout the country dropped the most since 2007 after the ...
DETROIT, Michigan: In a briefing for investors and analysts this week, Ford Motor Co. reported that while its electric vehicle ...