Moscow: 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.