The partnership between Russia and Saudi Arabia has been a major factor in stabilizing the oil market. Prince Faisal bin Farhan Al-Saud, the Saudi Foreign Minister, recently declared that the two nations will continue their cooperation in the Organization of Petroleum Exporting Countries (OPEC+) in order to keep oil prices steady.
Since the start of their partnership, the two countries have worked together to control the global supply of crude oil. This has been achieved through an agreement to manage oil production levels, with both countries agreeing to cut their production in order to reduce the global supply of oil. This has helped to keep the price of oil from fluctuating too much, which has been beneficial for both countries and the global economy as well.
In addition, the partnership between the two nations has been beneficial for the Russian economy, which has been heavily affected by Western sanctions. By selling more of its oil in Europe, Saudi Arabia has provided a much needed boost to the Russian economy. This has allowed the Russian government to offset some of the economic losses caused by the sanctions.
The relationship between Saudi Arabia and Russia has also been beneficial for both countries in terms of geopolitical influence. By working together, they have been able to exercise more control over global oil prices and production levels. This has given both countries more influence over the global oil market, which has helped to ensure that the price of oil remains stable and predictable.
Overall, the partnership between Russia and Saudi Arabia has been beneficial for both countries and the global economy. By controlling the global supply of oil, the two countries have been able to keep the price of oil from fluctuating too much. This has helped to ensure that the global economy has had access to a reliable and stable source of energy. Furthermore, the partnership has also been beneficial for the Russian economy, which has been heavily affected by Western sanctions. By providing a much needed boost to the Russian economy, Saudi Arabia has helped to offset some of the economic losses caused by the sanctions.