Saudi King to visit Russia, invest into Russian toll roads

Reuters

Russian Energy Minister Alexander Novak kicked off a five-day energy conference in Moscow and St. Petersburg this week with suggestions that oil exports from members of the Organization of Petroleum Exporting Countries and non-member states may be monitored.

"Experts say this visit is bigger than a mere protocol event already now and it should bring practical results since we stand in need of a discussion of many problems".

They will discuss the market situation and implementation of a global deal to cut oil production.

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Vedomosti newspaper reported Wednesday that Saudi Arabia's sovereign fund is also eyeing investment into a toll road project in Moscow, which would be the first one for the capital. The fund is expected to be finalized this week in Moscow and is created to "extend cooperation" between the world's largest oil producers.

"King Salman doesn't do courtesy calls".

Data from commodity pricing group S&P Global Platts show total Russian oil production for August was down 337,000 barrels per day from the 11.24 million barrels per day in October, the month that OPEC uses to gauge compliance. "The fact that he's visiting Moscow - marking the first ever visit of a ruling sovereign of Saudi Arabia to Russian Federation - just underlines how much the relationship between Russian Federation and Saudi Arabia has changed over the last few years and more so in the as 12 months", he told CNBC. The agreement is effective through March 2018, but it's liable to extension at a meeting this year. That has brought a measure of stability to markets that have seen a three-year slump in oil prices. The price of the Brent oil dropped from over Dollars 100 in early 2014 to a little more than USD 40 at the end of a year ago and opened this Monday (2) costing around USD 57.

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The reductions will be on the same terms as those agreed in November.

The two countries plan to set up a US$1 billion energy fund during King Salman's three-day visit that will invest in various oil, gas, power and renewable energy projects.

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