Oil: Russian President Putin, Saudi Prince Mohammed bin Salman spoke by phone on Thursday

Info comes via a Reuters report:

  • Putin and Salman spoke by phone on Thursday and underlined the importance of further cooperation within the OPEC+ group of oil producers, the Kremlin said
  • Sources told Reuters that Saudi Arabia consulted closely with Russia before pushing for the production hikes
  • Riyadh wants to keep Russia on board to increase leverage in the oil market, while Moscow gains from being part of OPEC+ at a time when the West is trying to strangle its economy with sanctions over the war.
oil chart 2 22 July 2022
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