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Business News/ Markets / Commodities/  Putin to visit Saudi, UAE on December 6 after OPEC+ cuts, host Iran President: What's on agenda?
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Putin to visit Saudi, UAE on December 6 after OPEC+ cuts, host Iran President: What's on agenda?

Oil output cuts agreed by OPEC+ will take time to kick in, the Kremlin said on Tuesday, as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday.

Russian President Vladimir Putin speaks during a press conference following the Commonwealth of Independent States (CIS) leaders' summit in Bishkek, Kyrgyzstan, October, 2023. Sputnik/Pavel Bednyakov/Pool via REUTERS (via REUTERS)Premium
Russian President Vladimir Putin speaks during a press conference following the Commonwealth of Independent States (CIS) leaders' summit in Bishkek, Kyrgyzstan, October, 2023. Sputnik/Pavel Bednyakov/Pool via REUTERS (via REUTERS)

Russian President Vladimir Putin will pay a working visit to the United Arab Emirates (UAE) and Saudi Arabia on Wednesday, December 6, a Kremlin spokesman said, and hold talks in Russia the next day with the president of Iran.

The Russian President would discuss possible coordinated actions on global oil markets during his Gulf trip and talks held within the Organisation of Petroleum Exporting Countries and its allies (OPEC+) will be on agenda.

Oil output cuts agreed by OPEC+ will take time to kick in, the Kremlin said on Tuesday, as it confirmed that Putin would visit the UAE and Saudi Arabia on Wednesday. Putin will also host Iranian President Ebrahim Raisi in Moscow the following day, said Kremlin spokesman Dmitry Peskov.

Russia cooperates with all countries in the OPEC group of oil producers, which last week announced new voluntary production cuts that were greeted skeptically by the oil market because of doubts as to whether they would be fully implemented. Oil prices fell 2 per cent last week after the OPEC announcement, but Brent crude futures were firmer on Tuesday.

Putin to visit UAE, Saudi Arabia: What's on agenda?

-The visit comes after OPEC+ agreed last Thursday to voluntary supply cuts totalling about 2.2 million barrels a day, included an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd.

-"The fact is that there are certain processes of inertia in the oil market; it is very big and heavy. Therefore, sometimes the effect is delayed. Therefore, coordination will continue," said Peskov.

-Apart from energy issues, Putin is keen to cultivate the Gulf states as part of his drive to build global alliances with non-Western countries and demonstrate what he says is the failure of the United States and its allies to isolate Russia with sanctions over the conflict in Ukraine.

-Peskov said the agenda for Thursday's visit to Moscow by Iran's Raisi was still under preparation but was likely to include regional issues including the war in Gaza between Israel and the Palestinian militant group Hamas.

Iran backs Israel's enemy Hamas, while Russia has angered Israel by hosting a Hamas delegation in Moscow. Russia has also made extensive use of Iranian drones in the conflict in Ukraine. Putin has limited international travel since deploying troops to Ukraine and the International Criminal Court (ICC) issued an arrest warrant for him, accusing him of deporting Ukrainian children.

 

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Published: 05 Dec 2023, 04:27 PM IST
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