Putin and Saudi Crown Prince Discuss Potential BRICS-Saudi Arabia Collaboration

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman Al Saud discussed potential collaboration between Saudi Arabia and the BRICS on Friday. In addition, Putin and the Saudi Crown Prince “expressed satisfaction with the level of coordination at OPEC Plus aimed at ensuring the global oil market stability,” the Kremlin press service details.

Russian President Vladimir Putin and Crown Prince and Prime Minister Mohammed bin Salman Al Saud of Saudi Arabia discussed several important bilateral issues during a phone call on Friday, Russian news outlet Tass reported, citing a statement released by the Kremlin press service after the call.

The statement details that Russia and Saudi Arabia are satisfied with the level of coordination in the OPEC+ framework, stating:

The parties expressed satisfaction with the level of coordination at OPEC Plus aimed at ensuring the global oil market stability.

The Organization of the Petroleum Exporting Countries Plus (OPEC+) members, which include Saudi Arabia and Russia, recently agreed to cut crude oil output. OPEC+ is a group of 23 oil-exporting countries that meet regularly to decide how much crude oil to sell on the world market.

The Kremlin press service further explains that the discussion between the Russian president and the Saudi Crown Prince included a range of key topics on their bilateral agenda, with a particular emphasis on strengthening their mutually advantageous connections in areas such as trade, economic cooperation, investment, and energy. The statement adds:

Prospects for cooperation between Saudi Arabia and BRICS were also considered.

Saudi Arabia has expressed interest to join the BRICS bloc which comprises Brazil, Russia, India, China, and South Africa. The BRICS nations have been ramping up efforts to reduce their dependence on the U.S. dollar. They are also reportedly working to create a new type of currency.

Moreover, the BRICS countries are focusing on expanding their international influence to counter Western countries’ “destructive actions,” a Russian official recently said. Former Treasury Secretary Lawrence Summers has expressed concerns that a rising number of countries, including China, Russia, and the Middle East, are aligning themselves and gaining global influence, which is a challenge for the U.S. Fitch Solutions’ analyst said BRICS’ de-dollarization, China, and cryptocurrency threaten the U.S. dollar’s dominance.

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