Russia, #Saudi Step Up Oil Diplomacy Before OPEC+ Committee Meets - Bloomberg

Russia, Saudi Step Up Oil Diplomacy Before OPEC+ Committee Meets - Bloomberg:

Russia and Saudi Arabia held a second, and unusual, phone call this week to discuss the OPEC+ agreement after officials from the group warned on Friday of the potential for a weaker oil market in 2021.

President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman spoke Saturday in what the Kremlin said was a continuation of an Oct. 13 conversation. The two discussed the OPEC+ cooperation “extensively,” the Kremlin said in an emailed statement.

“Both sides reiterated their readiness for further close coordination in this area in the interest of maintaining stability in the world energy market,” the Kremlin said.

The latest call came two days before several OPEC+ ministers are set to discuss the implementation of production cuts during a meeting of the so-called Joint Ministerial Monitoring Committee. The steering group meets monthly to analyze the market, with their recommendation later reviewed by the whole group. The next full OPEC+ ministerial meeting is scheduled for Nov. 30 and Dec 1.