04 March 2022; MEMO: Saudi Arabia's Crown Prince Mohammed Bin Salman has announced the Kingdom's readiness to mediate between Russia and Ukraine, state-run Saudi Press Agency (SPA) has reported.
Bin Salman apparently spoke on the phone with Russian President Vladimir Putin on Thursday and informed him of the mediation offer. The prince underlined the Kingdom's support for efforts that will lead to a political solution to end the crisis and achieve security and stability.
Moreover, Bin Salman reiterated his government's wish to maintain the stability of oil markets and stressed the OPEC+ role in keeping this balance. The two leaders also discussed bilateral relations and ways to enhance them in various fields.
There are fears that the Russia-Ukraine crisis will disrupt energy supply chains, given that Russia is the second largest producer of crude oil in the world after the United States. Russia produces 10.2 million barrels of crude oil per day, of which it exports an average of 4.5 million barrels. Moscow is also the largest gas exporter, with annual exports of more than 230 billion cubic metres.
