Date :Tuesday, June 11th, 2019 | Time : 11:45 |ID: 97773 | Print

Russia’s Putin to visit Saudi Arabia in October

SHAFAQNARussian President Vladimir Putin will visit Saudi Arabia in October this year, Saudi Energy Minister Khalid Falih said Monday.

According to Shafaqna, Falih, who was in Moscow for talks with his Russian counterpart, said Saudi companies were considering taking part in a methanol plant project in Russia’s east, the Interfax news agency reported.

“We expect our bilateral relationship to further increase after the visit of Russian President Vladimir Putin to Saudi Arabia which is set for October of this year,” Falih said at the opening of the sixth session of Russia-Saudi Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation, of which he is a co-chair, Sputnik told.

The energy minister’s visit comes amid increased economic cooperation between the two countries and discussion among OPEC members about oil supplies.

Al-Falih said Russia was the only remaining oil exporter still undecided on the need to extend the global output deal between OPEC and its allies until the end of the year, TASS news agency reported on Monday.

OPEC have curbed supplies since January to prop up prices, arabnews mentioned.

In an interview with TASS, Al-Falih said there was disagreement in Russia about whether to prolong the output curbs at a policy meeting in Vienna in the coming weeks. “So, I think the remaining country to jump onboard now is Russia. I will wait for the Russian dynamics to work themselves out,” Al-Falih was quoted as saying.

Al-Falih said he and Russian Energy Minister Alexander Novak may have final opportunity to discuss the deal this month at a G20 meeting in Japan before OPEC and its allies meet in Vienna.

Novak said there is still a risk that oil producers pump out too much crude and prices fall sharply, suggesting Moscow might support the extension of output cuts.
Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and its allies did not extend the curbs.
“As far as such a scenario is concerned, this is not ruled out. A lot depends, of course, on the market situation in the second half of the year, in the third quarter, on the supply and demand balance,” Novak told a media briefing, sitting alongside Al-Falih.

Al-Falih said he and Russian Energy Minister Alexander Novak may have final opportunity to discuss the deal this month at a G20 meeting in Japan before OPEC and its allies meet in Vienna.

Novak said there is still a risk that oil producers pump out too much crude and prices fall sharply, suggesting Moscow might support the extension of output cuts.
Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and its allies did not extend the curbs.
“As far as such a scenario is concerned, this is not ruled out. A lot depends, of course, on the market situation in the second half of the year, in the third quarter, on the supply and demand balance,” Novak told a media briefing, sitting alongside Al-Falih.

In October 2017, Saudi King Salman bin Abdulaziz made a historic visit to Russia, which witnessed the signing of agreements in various fields between the two sides, including oil, gas and other projects that King Salman discussed with his Russian counterpart, al-Arabiya told.

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