Russia and Saudi Arabia Forge Partnership to Shake Up Global Oil Market
The role of the US dollar in global trade has been declining. After the pound sterling's devaluation during WWI and WWII, the US dollar became a widely accepted global reserve currency.
However, many countries are now gradually reducing their dependence on the US dollar.
As per Reuters’ latest report, Vladimir Putin, the President of Russia, and Mohammed bin Salman, the Crown Prince of Saudi Arabia, had a phone conversation to discuss the OPEC+ deal limiting oil production.
During the call, Putin and the Crown Prince expressed their satisfaction with the level of cooperation between their two nations to stabilize the global oil market.
The Kremlin’s readout of the call stated that the conversation was friendly, constructive, and informative, and they agreed to establish contacts in specific areas of cooperation.
Additionally, it has been reported that Saudi Arabia is buying Russian oil at record levels and then sending it to the European market to evade US sanctions.