Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud engaged in discussions regarding the potential collaboration between Saudi Arabia and the BRICS nations on Friday.
The leaders also expressed satisfaction with the current level of coordination within OPEC Plus, which aims to ensure global oil market stability.
Russia’s strengthening bilateral relations
During the phone call, Putin and the Saudi Crown Prince discussed various bilateral issues, focusing on enhancing mutually beneficial connections in trade, economic cooperation, investment, and energy.
As a part of these discussions, they also considered the prospects of Saudi Arabia’s cooperation with the BRICS countries.
Saudi Arabia has shown interest in joining the BRICS bloc, which currently comprises Brazil, Russia, India, China, and South Africa. These nations have been making concerted efforts to reduce their reliance on the US dollar. They are also reportedly working on creating a new type of currency to facilitate this transition.
The BRICS countries are increasingly focusing on expanding their international influence to counter the “destructive actions” of Western nations, according to a Russian official.
Former US Treasury Secretary Lawrence Summers has raised concerns about the growing alignment and global influence of countries such as China, Russia, and the Middle East, which poses a challenge to the United States.
Fitch Solutions’ analyst also highlighted that BRICS’ de-dollarization, China, and cryptocurrency threaten the US dollar’s dominance.
OPEC plus coordination and oil market stability
The Kremlin press service revealed that both Russia and Saudi Arabia are satisfied with the level of coordination within the OPEC Plus framework.
OPEC Plus is a group of 23 oil-exporting countries, including Saudi Arabia and Russia, that meet regularly to decide how much crude oil to sell on the world market.
Recently, the OPEC Plus members agreed to cut crude oil output, demonstrating their commitment to ensuring stability in the global oil market.
As discussions continue between Russia and Saudi Arabia, the potential collaboration within the BRICS framework could lead to a shift in global power dynamics and further challenge the dominance of the US dollar in international markets.