Paris, December 4, 2023
In a notable diplomatic move, Russian President Vladimir Putin is set to embark on a visit to the United Arab Emirates (UAE) and Saudi Arabia this week, as reported by the Russian news outlet Shot on Monday. The announcement comes in the wake of the OPEC+ group's recent decision to implement voluntary oil output cuts of approximately 2.2 million barrels per day.
The OPEC+ agreement, involving major oil-producing nations, including Russia, Saudi Arabia, and the UAE, has been met with skepticism in global markets. Doubts persist regarding the complete implementation of the announced voluntary cuts, leading to a 2% decline in oil prices last week, with a further decrease observed on Monday, bringing Brent crude down to nearly $78.45 as of 1709 GMT.
Yury Ushakov, an aide to President Putin, confirmed the impending visit and outlined the itinerary, with the President initiating negotiations in the UAE before proceeding to Saudi Arabia. The focal point of discussions in Saudi Arabia is expected to be with Crown Prince Mohammed bin Salman.
"I hope that these will be very useful negotiations, which we consider extremely important," remarked Ushakov, highlighting the significance of the talks between the Russian President and leaders of the Gulf states.
President Putin's international travels have been infrequent in recent years, primarily limited to former Soviet Union states. Notably, his last trip beyond these countries occurred in October to China. The upcoming visits to the UAE and Saudi Arabia underscore the importance of cultivating relationships with these Middle Eastern nations, not only in the context of OPEC+ cooperation but also as part of Russia's broader strategy to build global alliances with non-Western countries.
Beyond economic considerations, Putin's diplomatic outreach to the Gulf states aligns with his broader geopolitical agenda, aiming to showcase the limitations of the United States and its allies in isolating Russia through sanctions, particularly in light of the ongoing conflict in Ukraine. By strengthening ties with nations outside the Western sphere, Putin seeks to underscore what he perceives as the failure of attempts to isolate Russia on the international stage.
It is noteworthy that Putin's ability to travel internationally faced constraints in March when the International Criminal Court (ICC) issued an arrest warrant against him for alleged war crimes related to the deportation of Ukrainian children to Russia. Russia vehemently denied the charges, dismissing the ICC warrant as legally void, given Russia's non-membership in the court. The fact that neither Saudi Arabia nor the UAE are ICC members further ensures that Putin can undertake this diplomatic mission without the specter of arrest.
In conclusion, President Putin's upcoming visit to the UAE and Saudi Arabia marks a pivotal moment in Russian diplomacy, intertwining economic cooperation within OPEC+ with broader geopolitical objectives. As the global community watches these diplomatic maneuvers, the outcomes of the negotiations may have far-reaching implications for international relations and the dynamics of the oil market.
