Saudi crown Prince Mohammed bin Salman has offered to host mediation talks between Russia and Ukraine. He called Russian President Vladimir Putin as the conflict has gone into the second week.
He called for a political solution and reiterated his support for the OPEC+ group of all producers which includes Russia to stabilise the oil markets. Even though the Gulf countries have refrained from criticising the Russian invasion of Ukraine, they voted for a UN General Assembly resolution that demanded an immediate withdrawal of Russia from Ukraine.
Saudi Arabia and Russia are both members of OPEC+ and have opted to keep production steady in spite of the soaring cost of oil. It may be noted that Saudi Arabia is the world’s biggest oil exporter.