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Russian Federation satisfied with current oil prices: Novak

06 October 2017, 12:37 | Marta Robbins

Russian Federation satisfied with current oil prices: Novak

Russian Federation satisfied with current oil prices: Novak

On Wednesday, Russian energy minister Alexander Novak told TASS news agency that Saudi Arabia is investing $1 billion into energy projects in Russia though he did not give details or specify if these deals would be signed during the visit.

"The visit is likely to strengthen trade ties between Russian Federation and Saudi Arabia, but most are wondering whether two of the world's major oil producers will be discussing a collaboration to improve the price of oil", Ahmad said.

Falih said this week's visit by King Salman to Russian Federation, the first by a Saudi monarch, showed the high level of mutual trust between the world's two biggest oil producers. "Saudi Arabia's position is among the worst of the Gulf Cooperation Council countries", he added.

Al-Falih noted that Aramco's IPO will be used as a catalyst for the opening up of the Saudi economy.

Earlier this year Saudi Arabia pledged billions of dollars of investment in projects in Indonesia and Malaysia to ensure long-term oil supply deals.

Both sides are involved in the conflict, but on opposing sides. Yet, pre-contract negotiations on the subject may commence should all necessary agreements are reached during King Salman's meeting with President Putin.

Russian state media hailed King Salman's visit as evidence that Russia's backing for Mr Al Assad had made Mr Putin "master of the Middle East".

A package of investments announced during the visit will go some way to plugging the vacuum left by sluggish Western investment in Russian Federation that is, in part, a result of sanctions imposed after Moscow annexed Crimea in 2014.

Does Pakistan's foreign minister mean what he is saying about Lashkar, Saeed?
For many years, the U.S. has been supportive of building Pakistan's capacity and helping us overcome our challenges. In reply to another question, Zakaria said Pakistan attached great importance to its relations with Afghanistan .

Saudi Arabia does most of its trading with the United States but may be looking to diversify that.

Among the expected agreements is the establishment of a $1 billion fund for technology investment, cooperation in water desalination and energy efficiency in air-conditioners, as well as Saudi investment into toll-free roads in Russian Federation. USA light crude was up 10 cents at $50.08. "Do you feel that USA allies are sort of moving away from the United States of America and going elsewhere, maybe forming new alliances?" a journalist asked. "We think they're going to stick to the pact and over the coming months they are likely to extend it - hopefully for six months and not three months". "I don't see our relationships with any of the major countries changing", Nauert responded.

Major oil producers that have lost market share due to the rise in USA shale oil production are tapping rising fuel demand in Asia.

The message of further joint Saudi-Russia action on output helped push up oil prices on Thursday.

Expanding on this, Ahmad continued: "In the past, Saudi Arabia has expressed a commitment to increased production cuts to bolster the market".

"The lower price of oil means Saudi Arabia is permanently worse-off, but the government still spends as if it isn't", said Daoud.

At the same time, Russian President Vladimir Putin successfully fills the "power vacuum" in the Middle East and in fact has become its new "master", Bloomberg said. Israel, Turkey, Egypt, Jordan and other countries of the region gradually turn to Russian Federation being fed up with the policy of the USA.



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