Wires carrying comments from Saudi Energy Minister Prince Abdulaziz bin Salman stating that fresh cuts to Russian oil exports "prove wrong cynical spectators or Russia-Saudi relations". Abdulaziz praises Russia's actions as "more meaningful" because the cuts to its exports were voluntary and not "imposed".

• The comments come in the wake of the 3 July announcement that Saudi would prolong its unilateral 1mn/bpd oil production cut by one month. Russia also committed to a 500k/bpd reduction in exports in August, with Deputy PM Alexander Novak adding that Russia would also try to curb production by the same amount.
• The increasingly close relationship between Russia and Saudi Arabia was exemplified in late June, when Saudi Crown Prince Mohammed bin Salman was one of the first senior foreign officials to hold a phone call with Russian President Vladimir Putin in the wake of the Wagner mutiny. MbS stated his “relief at the successful de-escalation” and his “wishes of further security and stability.”
• For Saudi and other OPEC+ members, seeing Putin remain in power in Russia is crucial given the full-throated support the Russian president has given to his country remaining in the bloc. Reports suggest that senior figures in Rosneft, the petroleum industry, the finance ministry, and the central bank are/were resistant to joining OPEC+.