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Saudi-Russian Talks on Oil Output Agreement ahead of OPEC Meeting

Saudi-Russian Talks on Oil Output Agreement ahead of OPEC Meeting

Saturday, 7 October, 2017 - 06:15
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina Pause Mute Current Time 0:01 Duration Time 0:05 Progress: 0% Full screen

Saudi Arabia hopes to reach an agreement with Russia on what to do when a global oil output deal expires in March, before an OPEC meeting in November, Saudi Energy Minister Khalid al-Falih said in Moscow on Friday.

“I am looking forward to reaching consensus working with you in the next few weeks before we have the November 30 meeting and bring our colleagues from around the world...,” Falih told his counterpart Russia’s Energy Minister Alexander Novak.

“As satisfied as we are with the progress made, I think you agree that our job is not done and there are still uncertainties and headwinds on global oil markets and we have to keep our eyes clearly on the road and our hands on the wheels,” he added.

The Russian Energy Ministry said on Friday that Falih and Novak have signed a programme for cooperation between their two countries in the energy sector, Reuters reported.

The current global oil output cut deal between OPEC and some non-OPEC nations expires at the end of March 2018. Russia and Saudi Arabia are among the leading oil producers in the deal.

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