© Reuters.
Investing.com– Oil prices rose in Asian trade on Thursday after tumbling to over five-month lows, as a meeting between Russian and Saudi leaders saw the two discussing more “cooperation” on oil prices.
Russian President Vladimir Putin met with Saudi Crown Prince Mohammed bin Salman this week, with the two reportedly discussing between members of the Organization of Petroleum Exporting Countries and allies (OPEC+).
Putin is also set to meet United Arab Emirates and Iranian leaders this week.
The meetings come just a few days after the OPEC’s new production cuts for 2024 largely underwhelmed markets, sending oil prices into a tailspin. Saudi Arabia and Russia have led the cartel in cutting supply through 2023 to support crude prices.
But the latest OPEC+ meeting showed other member states as less enthusiastic about decreasing production, given that the cuts also eat into national revenue streams. This saw the OPEC+ declare less than 1 million barrels per day of new cuts in 2024, with most of the new cuts also coming as voluntary.
Oil prices had plummeted after the meeting, sinking to their weakest levels since early-July this week. Prices were…
Read the full article here