Crown Prince Mohammed bin Salman of Saudi Arabia (right) and Russian President Vladimir Putin walk together at a summit held in Riyadh, Saudi Arabia’s capital, on October 6 (local time). [Photo=AFP·Yonhap News]
While international oil prices are sharply declining, Russian President Vladimir Putin visited Saudi Arabia on the 6th (local time) to meet Crown Prince Mohammed bin Salman. The meeting between the two countries, both heavily reliant on oil fortunes, extended for over 3 hours.
According to Reuters, Putin stated during the meeting, “We maintain a stable and a perfect relationship in the political, economic, and humanitarian sectors,” adding, “Exchanging information and assessments about what is happening in the region is very important.”
Before the meeting, Putin emphasized that “nothing can hinder the development of our friendly relations,” suggesting that the next conference should be held in Moscow. In response, the Crown Prince said, “Of course, we are prepared.”
This is Putin’s first visit to the Middle East since the Russo-Ukrainian War broke out.
According to Russian local media such as TASS, Dmitry Peskov, the Kremlin’s spokesperson, said after the meeting that the two leaders discussed the Organization of Petroleum Exporting Countries Plus (OPEC+) and the Israel-Hamas war. Peskov stated, “We had another conversation about our cooperation in OPEC+,” and “Both countries agreed that they bear a great responsibility for maintaining the international energy market in a stable and predictable state.”
This meeting comes when oil prices sharply fell despite last week’s decision for additional production cuts by OPEC+. Reuters pointed out, ‘Both bin Salman and Putin heavily rely on high oil prices for their economies.’ The challenge lies in figuring out how much each party needs to contribute to keep prices high and how to verify these contributions.”
President Putin’s recent visit to the Middle East has a dual purpose: to enhance Russia’s ties with the region and to counteract the impact of continuous Western sanctions on Russia. The Russian delegation, including representatives from various sectors and top executives, has proposed significant collaborations during the tour. One notable suggestion involves Dmitry Mazepin, a key figure in an essential Russian chemical company, Uralchem, offering a large-scale joint investment in fertilizer production with Saudi Arabia. It’s worth noting that Russia is currently the world’s largest producer of fertilizers.
Before visiting Saudi Arabia, Putin met with President Mohammed bin Zayed Al Nahyan of the United Arab Emirates (UAE). The UAE welcomed Putin with an air show. After the Russo-Ukrainian War, many Russian oil, aluminum, and fertilizer companies moved their businesses from the West to the UAE.
On October 7, Putin held a summit with Iranian President Ebrahim Raisi in Moscow.
Meanwhile, global oil prices hit their lowest point since the end of June due to worries about a slowdown in the US-China economy. The futures for West Texas Intermediate (WTI) fell by $2.94 (4.07%) to $69.38 per barrel, and Brent crude futures dropped by $2.90 (3.76%) to $74.30 per barrel.
By. Ju Hye Yoon
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