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Putin Arrives in Saudi Arabia as He Looks to Bolster Middle East Energy Ties

OIL

Russia’s Putin has arrived in Saudi to meet Mohammed Bin Salman in a bid to strengthen Middle East partnerships.

  • Putin has arrived in Saudi following an earlier trip today to the UAE which failed to yield much in the way of headlines for oil markets.
  • His talks in Saudi Arabia will focus on bolstering the partnership between the oil giants, and comes after the latest OPEC+ meet last week which showed group fractures.
  • Saudi’s oil minister said in an interview with Bloomberg earlier this week that it faced difficulty convincing Russia towards production cuts – it has instead committed to export related cuts but including oil products too.
  • Both Russian and Saudi officials have both publicly stated their faith in compliance with the latest voluntary cuts but it has done little to support markets with OPEC+ largely believed to have used the last of its ammunition to shore up prices.
  • A number of oil industry officials are understood to be part of Putin’s delegation for the Middle East trip.
Energy BulletsCommodities
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