Saudi Crown Prince meets Putin on oil market rebalancing


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Saudi Crown Prince meets Putin on oil market rebalancing

On the sidelines of G20 Summit, Argentina, on Saturday, the Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman met and discussed about several areas of cooperation including a rebalancing of world oil market, ahead of the OPEC event, December 6th and 7th, as the Saudi Press Agency Reported.

Before that meeting took place, on Friday, these two global leaders have exchanged high-fives and that triggered a mixed response among the European delegates, as French PM told on Sunday that the G20 nations wanted clarity about the Khashoggi issue.

As it has now been appeared, that high-five exchange between Saudi Prince Mohammed Bin Salman and the Russian President Vladimir Putin was critically related to the “global oil health”, as Russia would also be appearing in the OPEC summit, while Saudi Arabia is the Kingpin of OPEC.

Saudi Arabia had suggested the OPEC and their allies to reduce output by 1 million barrels per day to support the market and prevail price falls, which might have been signed in December 6th-7th OPEC event and the rule would come in to play from January 1st.

Speaking of oil Cut, the Russian President Vladimir Putin told that they had no concrete figure in their mind, however, they would continue to contribute the OPEC’s attempt to reduce global output.