OPEC Hopeful Of Rebalanced Oil Markets

OPEC Hopeful Of Rebalanced Oil Markets

"Bullish comments from the Russian and Saudi Energy ministers are helping arrest the recent decline in oil prices", said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

Together they produce about a quarter of the world's oil and past year clinched a deal created to eliminate a global supply glut, in part triggered by the rapid rise in American production.

US Secretary of State Rex Tillerson said last weekend that Washington was directly communicating with Pyongyang on its nuclear and missile programs but that Pyongyang had shown no interest in dialogue.

OPEC and some other non-member producers, including Russian Federation, have agreed to cut crude output which has helped prop up oil prices.

A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russian Federation.

The Saudi Arabia Ministry of Defense signed contracts with the Russian government to procure the S-400 air defense system, the Kornet-EM system, the TOS-1A, the AGS-30 and the Kalashnikov AK-103.

But Saudi, a long-standing ally of Washington, is keen to boost ties with Moscow as a major player in the Syrian conflict and a fellow oil producer with shared interests in supporting energy prices. The group's current agreement expires at the end of next March, and as yet there's no decision on extending or deepening the cuts.

As many as 100 Saudi businessmen are accompanying King Salman on his trip to Moscow.

Maduro will be in Moscow "on a working visit", notably to take part in an global energy forum, the Kremlin said in a statement.

Saudi Arabia is the country that buys the most United States arms and Washington and Riyadh in May announced a US$110 billion deal to sell weapons to Saudi Arabia.

Russian President Vladimir Putin has received Saudi Arabia's King Salman in the Kremlin on Thursday (October 5) for talks which were expected to focus on a wide range of issues from cooperation on oil production to differences over Syria and Iran. And Russia is close to Iran, a fierce adversary of Saudi Arabia despite their status as OPEC members.

"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.

"This is the first visit of the King of Saudi Arabia to Russian Federation in the history of our relations, which in itself is a very significant event". The plan envisages the privatization of a share in the world's largest oil company Saudi Aramco, the diversification of the country's economy, which remains highly dependent on oil production and exports, as well as investments in energy, infrastructure and technology projects around the world.

Saudi Arabia and Russian Federation produce nearly a quarter of all oil in the world.

Assessing the results of the Thursday talks, King Salman bin Abdulaziz al-Saud emphasized that the outlook of Moscow and Riyadh on many regional and global problems coincide.

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