Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman Al Saud explored the opportunities between Saudi Arabia and the BRICS during their discussion 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 shares.
Putin and Saudi Prince Examine Potential Collaboration Between BRICS and KSA
Russian President Vladimir Putin and Crown Prince and Prime Minister Mohammed bin Salman Al Saud of Saudi Arabia talked about potential collaboration between Saudi Arabia and the BRICS during their 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 happy with the level of coordination in the OPEC+ framework, saying:
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 covered several key topics on their bilateral agenda, with an emphasis on furthering their mutually advantageous connections in areas such as trade, economic cooperation, investment, and energy. The statement adds:
Prospects for collaboration between Saudi Arabia and BRICS were also considered.
Saudi Arabia has expressed interest in joining the BRICS bloc which comprises Brazil, Russia, India, China, and South Africa. The BRICS nations have been working hard to reduce their reliance on the U.S. dollar. They are also reportedly working to develop a new type of currency.
In addition, 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 unifying 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.
What do you think about Russian President Vladimir Putin and the Saudi Crown Prince Mohammed bin Salman Al Saud discussing potential collaboration between Saudi Arabia and the BRICS? Let us know in the comments section below.
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