President of Russia Vladimir Putin and Mohammed bin Salman, crown prince of Saudi Arabia, have greeted each other informally at G20 Summit. Russia explained such Putin’s actions with an “interest in a further development of bilateral relationships,” as Dmitry Peskov, the press-secretary of the Russian President, said, RBK reported.
“This is good personal relationships. In fact, it is a recipe for effective cooperation on a mutually beneficial basis,” the press-secretary stressed.
It should be noted that within G20 Summit, held in Argentina on November 30 – December 1, Putin and Mohammed bin Salman had a meeting. They agreed to prolong OPEC+ agreement. The Russian President noted that no final decision on specific amounts of oil production was made.
In addition, Putin agreed to visit Saudi Arabia in 2019, as Peskov said.
Besides, after their meeting, Brent oil price went up by 5%, which is $62,48 per barrel.
After this, the rouble rate against dollar and euro increased as well.
It was reported that on November 29, Trump announced that he had canceled the planned meeting with President Putin at the G20 summit in Argentina until Ukrainian sailors captured by Russians near the Kerch Strait are returned to Ukraine.
OPEC (The Organization of the Petroleum Exporting Countries) is a cartel created by the oil producer states to stabilize the prizes for petroleum. Countries which economy depends on the incomes from oil export are the member of the organization. Russia is an OPEC observer since 1998.
In summer 2018, OPEC member states and exporting countries signed an agreement on increase of oil production for 1 million barrels per day. Russia and Saudi Arabia presented this initiative.