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Saudi energy minister says agreements with Russian Federation helped oil markets to stabilise

Saudi energy minister says agreements with Russian Federation helped oil markets to stabilise

"Falling back to the old scheme with decent US shale-supply growth expected for next year is not an option".

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. It was subsequently extended through March 2018.

Russian President Vladimir Putin admitted that he once met United States President Donald Trump, but said he has no personal ties with him.

King Salman's four-day trip to Russian Federation is the first time a Saudi monarch has paid an official visit to Moscow following decades of frosty relations.

According to Putin, now over one-third of Russia's electricity is produced with nuclear energy, hydroelectric energy and other renewable energy sources, while about 50 percent of it is generated with natural gas, which helps to significantly reduce emissions.

At the Russian Energy Week forum in Moscow, Novak said Russia is implementing oil production cuts as agreed with OPEC and non-OPEC countries, and are achieving the objectives that they set.

"The lower price of oil means Saudi Arabia is permanently worse-off, but the government still spends as if it isn't", said Daoud. "Russian Federation is another major producer of the commodity, and it is possible that Saudi Arabia is looking for an ally".

"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.

Prices jumped nearly 10 percent in September on forecasts for strong demand, on signs the surplus was finally easing, and on threats from Turkey to potentially block oil exports from Iraqi Kurdistan. Pointing to output from USA shale basins, the minister said any acceleration should more or less keep pace with demand. Total volume traded was about 31 percent below the 100-day average.

However, the head of Saudi Aramco, Amin Nasser, told reporters that during the visit of the King of Saudi Arabia to Moscow, the parties did not intend to discuss the participation of Russian companies in Saudi Aramco's IPO (initial public offering), TASS reports. They managed to leave the bottleneck and reach a price close to $60 after it fell below $28 two years ago. Data was from oil produced in "the middle and south" of Iraq, with no registration from northern Iraqi territory.

Reduction in oil-field investments during the last two to three years could affect supply five years down the road. "I think that's probably a stronger argument". Production could start to dwindle in 2019, providing room for firmer prices.

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