Rouble up vs dollar for third day, Moscow oil meetings watched

Oct 06, 2017, 00:29
Rouble up vs dollar for third day, Moscow oil meetings watched

The agreements which were reached between Russian Federation and Saudi Arabia have helped oil markets to stabilise, Saudi Energy Minister Khalid al-Falih told an investment forum on Thursday.

In May 2017, the deal was extended by nine months to the end of March 2018.

The Dubai-based television channel also said that Saudi Arabia had signed a memorandum of understanding to help the kingdom in its efforts to develop its own military industries.

Anna Kitanaka commented that OPEC Secretary General Mohammed Barkindo's statement means returning to the 5-year global oil inventory target, which is the goal of OPEC and the cause of the restrictions.

Russian Foreign Minister Sergey Lavrov said some time ago that y were determined to support process conducted by Saudi Arabia for garing of Syrian opposition groups.

Analysts see Salman's trip to Moscow, which follows other visits by Gulf royals, as the clearest sign yet that Russia's high-risk gamble in Syria has paid off, the report said.

"We are committed to continuing positive cooperation between our nations to achieve stability on the global oil markets", King Salman was reported as saying by Russian state news agency Tass. Historically, Saudi Arabia and the former USSR were at odds on nearly every regional conflict, especially during the height of the Cold War. On Thursday, Putin received the monarch in the gold-decorated St. Andrew Hall, one of the grandest spaces in the Kremlin, attended by soldiers in ceremonial dress and with an orchestra playing their countries' national anthems.

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OPEC Secretary General Mohammad Sanusi Barkindo told those gathered at a regional energy conference in Singapore last week that, at least in terms of growth expectations for demand in the Asia-Pacific, exports from Middle East producers are on pace to rise.

And a deal has also been reached for Russian Federation to supply Saudi with S-400 anti-aircraft missiles.

Saudi Arabia does most of its trading with the United States but may be looking to diversify that.

The Saudi monarch noted that the two nations agree on many worldwide and regional issues and intend to continue their efforts to shore up global oil prices.

Vision 2030, a blueprint for Saudi Arabia to move its economy away from oil, is driving that change.

Novak reminded that 24 countries are participating in the oil production cut agreement, and added that other countries are welcome to participate. New York, London and Hong Kong are the main contenders.