Economy

Opec oil cut deal may be extended: Russian Federation

Opec oil cut deal may be extended: Russian Federation”

While they are partners on the oil market, on the foreign policy front, Moscow and Riyadh are on opposite sides of the war in Syria, with Russian Federation supporting President Bashar al-Assad while Saudi Arabia supports the opposition.

The pact has helped reduce the glut of crude supplies on the market and the price to climb to around $55 per barrel now.

Saudi Energy Minister Khalid al-Falih, whose country is the de facto leader of the 14-member Organization of the Petroleum Exporting Countries, said he welcomed the contribution of US shale oil supplies as global demand for crude was on the rise. Growing US shale output means the market could return to surplus again in 2018 if the producers were to reverse their curbs.

"I do not rule out that we may extend it", Putin said.

"We have seen a steady reduction in inventories". "We'll be able to sustain the issue of cooperation beyond the issue of supply and demand and stocks, to begin to address issues like investments".

Salman, met by Putin in the Kremlin, said he was convinced that there were opportunities to diversify economic cooperation with Russian Federation.

While Russia and Saudi Arabia are now allies on the global oil market, they are on the opposite sides in the Syria conflict.

Previously, Putin was frequently asked about this issue. "But as I think of fundamentals I am more optimistic than I have been in the last two or three years, demand is healthy around the world in developed and developing countries".

Saudi Arabia's energy minister said that Russian Federation has helped to breathe new life into OPEC and that shale can be a major contributor to the market in years to come.

With diplomatic alliances shifting across the Middle East, Moscow hopes that King Salman's historic four-day visit will show that Moscow can forge close alliances with all the key Middle East players, including Turkey, Iran and now Saudi.

Russian Federation has prepared a package of around US$3.5 billion arms sales to Saudi Arabia, which includes several divisions of S-400 anti-aircraft missile systems.

Kirill Dmitriev, the chief executive of Russia's direct investment fund, said the royal visit underlined a "significant, dramatic improvement in relations" between the two countries, which have rarely found common ground even in the post-Soviet era.

He said MoUs would be signed with Russia's state nuclear agency Rosatom for the peaceful use of nuclear energy as well as other agreements for military industries and marine development.

Nasser said Aramco was discussing several investment opportunities with Russian firms.



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