Russian Federation cuts oil output by 346000 bpd in Sept: Novak

Posted October 05, 2017

Mr Putin described the talks in Moscow as "substantive and meaningful".

Any move would also require the support of OPEC´s de facto leader Saudi Arabia.

At the event, Del Pino stressed on the importance that more countries join the output cut pact, Venezuela's oil ministry said in a statement today. "Nobody knows with 100 per cent certainty as it's a closed country", Putin said, while addressing the 2017 International Forum on Energy Efficiency on Wednesday.

The King of Saudi Arabia, Salman bin Abdul Aziz Al Saud, arrived in Moscow on September 4.

King Salman reviews an honour guard.

Architects of Saudi Arabia's foreign policy are aware of this aspect especially after Tehran took advantage that Riyadh steered clear of Kremlin's maze.

Aramco's listing is planned on Saudi Arabia's local stock market plus at least one overseas exchange.

Meanwhile the Saudi Al-Arabiya news agency reports Saudi Arabia has agreed to buy a Russian S400 missile defense system.

Furthermore, according to the signed document the two parties could collaborate on the production of equipment for oil and gas field development, by localising production either in Russian Federation or Saudi Arabia. According to the Ministry of Economic Development, the volume of trade between the two countries has increased by 30% in the first half of 2017 compared to the same period previous year, having amounted to $430 million.

"We warmly welcome King Salman and we hope that his visit would contribute to strengthening economic, political, cultural and religious relations between our countries", he stated. The visit aims to eliminate elements that affected the relations, or as the Russian Ambassador in Saudi Arabia said that some parties are trying to target the Saudi-Russian relations through the Syrian issue. Pursuing its path towards strengthening its clout in the Middle East region, Russian Federation is playing every card to be a flawless host to King Salman, who has become the first reigning monarch to visit Russian Federation.

Lavrov said the Saudi monarch and Putin's meeting saw a "particular focus on Syria, Iraq, Libya and Yemen".

The leaders and high-level representatives are expected to tackle what has positioned them on opposing sides of a bloody warfare in Syria.

Mr Lavrov said Russian Federation supports Saudi efforts to unite splintered rebel groups in Syria in a bid to pave the way for peace talks to bring an end to the war.

Russian Federation and Saudi Arabia are heavily dependent on oil exports and the global plunge of the price of crude that began in 2014 lashed both their economies. Cooperation between the world's two largest exporters, as well as other OPEC members, has helped stabilise global oil prices in recent months at around $50 a barrel.

Russia, which relies on energy for more than a third of its budget revenue, reached a historic accord past year with the Organization of Petroleum Exporting Countries to cut production, hoping to eliminate a global oversupply. Even so, the group's own forecasts indicate that reversing the cuts when they expire at the end of March could potentially tip the market back into surplus due to supply growth elsewhere.

Mr Trump and Japanese Prime Minister Shinzo Abe agreed in a telephone conversation on Wednesday that pressure should be maintained on North Korea, a senior Japanese government official told reporters.