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Russia Ukraine conflict

Saudi Crown Prince stresses importance of OPEC+ deal in call with Russia’s Putin

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Saudi Arabia’s Crown Prince Mohammed bin Salman stressed in a call with Russia’s President Vladimir Putin the importance of maintaining the OPEC+ agreement for the stability of energy markets amid the impact of the Ukraine crisis, state news agency SPA reported on Thursday.

“With regard to the impact of the Ukraine crisis on energy markets, [the Crown Prince] reiterated the Kingdom's keenness to maintain the balance and stability of oil markets, noting the role of the OPEC+ agreement and the importance of maintaining it,” SPA reported.

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The Crown Prince also stressed that the Kingdom is willing to exert all efforts to mediate between Russia and Ukraine, and to reach a political solution to the crisis.

The report added that the Crown Prince and Putin discussed bilateral relations and means to strengthen them in various fields.

Oil prices have surged as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict.

On Wednesday, brent crude futures rose by more than $8, touching a peak of $113.02 a barrel, the highest since June 2014, before easing to $111.17, up by $6.20 or 5.9 percent by 0950 GMT.

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