Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS) had a phone conversation with Russian President Vladimir Putin on Wednesday, discussing balancing oil demand and prices as well as increasing economic ties. The call comes as US Secretary of State Antony Blinken visits Saudi Arabia and follows Saudi Arabia’s decision to voluntarily slash one million barrels per day from its oil exports starting in July as a precautionary measure against global pressures on the oil market. The country’s GDP growth is projected to slow to 2.1% in 2023, lower than the 3.1% forecast in May, according to the International Monetary Fund.
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