Putin to visit Saudi Arabia and the UAE

RUSSIA / FSU POLITICS - In Brief 05 Dec 2023 by Alex Teddy
On December 4 the Kremlin announced the visit, which will take place this week. OPEC+ agreed on November 30 to cut output by 2.2 million barrels a day. Russia is a member of OPEC+. Markets did not react as expected because many doubt that the cuts will be implemented in full. Prices have fallen since November 30. Saudi Arabia and Russia agreed on production cuts of 1.3 million barrels per day earlier in 2023. The latest cuts are additional to this. Putin will land in the UAE first before flying to Saudi Arabia. He shall meet the Crown Prince.  Since the Ukraine War, Putin has only traveled within the former USSR and to China and Iran. This visit to the Middle East is therefore significant. The UAE and Saudi Arabia are neutral on the Ukraine War. Both trade normally with Russia. Saudi Arabia even brokered the release of foreign soldiers in the Ukrainian Army who had been captured by Russia in 2022.  Moscow is keen to counter the narrative that Russia has suffered isolation because of the war. By emphasizing cordial ties with non-aligned countries Russia can prove that multipolarity is real. But Moscow dare not be too amicable with Saudi Arabia. Saudi Arabia is the deadly enemy of Iran. Iran and Russia have a cooperative relationship. Iranian drones are an important component of Russia's arsenal.

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