DUBAI, UAE — Russian President Vladimir Putin is slated to embark on a significant diplomatic journey to the United Arab Emirates and Saudi Arabia this week, as reported by Russian news agency RIA Novosti, citing Yuriy Ushakov, an aide to Putin. This visit underscores Russia’s deepening ties with key Gulf states amidst global energy shifts.
President Putin’s itinerary begins in the UAE, advancing to Saudi Arabia for a crucial meeting with Crown Prince Mohammed bin Salman. “These visits are working negotiations, focusing primarily on discussions with the Crown Prince of Saudi Arabia. The UAE leg of the trip is also expected to be highly productive,” Ushakov stated, emphasizing the importance of these negotiations. However, specific topics of discussion remain undisclosed.
This announcement follows closely on the heels of the recent OPEC+ decision to reduce oil production by a total of 2.2 million barrels per day in the first quarter of 2024. As the world’s leading oil exporter, Saudi Arabia will see a reduction of 1 million barrels per day, while Russia commits to a 500,000-barrel decrease. The UAE, Iraq, Kazakhstan, Algeria, and Oman are also set to lower their outputs by varying amounts.
The timing of Putin’s visit, as reported by Russian media outlet Shot, coincides with the OPEC+ group’s agreement, which has been met with skepticism in global markets. Following the announcement of these voluntary cuts, oil prices witnessed a downward trend. Brent crude experienced a 0.6% decrease, settling at $78.45 as of 1709 GMT last Monday.
Market analysts are closely watching the implementation of these cuts, especially given the existing voluntary reductions by Saudi Arabia and Russia, totaling 1.3 million barrels per day. Putin’s visits to the UAE and Saudi Arabia are thus viewed as a strategic move in the broader context of global energy diplomacy and the evolving dynamics within the OPEC+ alliance.
