Saudi, Russia energy ministers discuss latest industry trends

Khalid Al-Falih, energy, industry and mineral resources minister and chairman of Saudi Aramco board, hosted Alexander Novak, Russian minister of energy for a meeting in Dhahran, Saturday.
Top executives of Saudi Aramco including CEO Amin Nasser also took part in the meeting.
The talks focused on the latest technologies in exploration and engineering, Saudi Aramco said in a Twitter posting.
Novak is visiting the Kingdom amid hopes in world oil markets for an agreement between Russia and OPEC on initiatives to keep crude above $50 a barrel.
Oil settled up on Friday. Brent settled up 40 cents, or 0.8 percent, at $51.78. For the week, it ended flat, Reuters reported.
US West Texas Intermediate crude settled up 22 cents, or 0.4 percent, at $50.85 a barrel. WTI hit a July 2015 high of $51.93 on Wednesday and ended the week 1 percent higher.
The Russian minister earlier said he would make proposals to Al-Falih on price-supportive measures that could include an oil production freeze.
Some traders, quoted by Reuters, were skeptical about Russia’s commitment after Novak also said the country might produce up to 11 million barrels per day next year to hit a new post-Soviet record.
OPEC has also been pumping crude at or near record levels.
“Market bulls are counting on Russia’s credibility to seal a deal with OPEC to take prices to new levels above $50,” Phil Flynn, analyst at the Price Futures Group in Chicago, told Reuters.
Oil prices, which in February hit 12-year lows of around $26, have risen more than 13 percent since Sept. 27, when OPEC announced plans to curb production for the first time in eight years to rein in a global crude glut that has halved prices from mid-2014 highs above $100 a barrel.
Addressing a conference in London recently, Minister Al-Falih said that oil market is “clearly rebalancing,” bringing the industry to the end of a “considerable downturn”.

Source: Arab News