At the ordinary meeting on November 30 in Vienna, members of the Organization of the Petroleum Exporting Countries can propose more production cuts to partners from the group of major suppliers led by Russia, according to Khalid al-Falih. Speaking to TASS on Friday at the St. Petersburg International Economic Forum, the Saudi Arabian minister of energy and chairman of oil monopoly Saudi Aramco made the bullish comment during a drop in benchmark futures of the commodity. Sentiment among market participants soured as the United States announced a withdrawal from the global environmental agreement signed in Paris last year under the auspices of the United Nations.
Russian and Saudi sovereign funds intend to establish a joint vehicle for investments in the energy sector, Al-Falih said. The Saudi Arabian Oil Company, or Aramco, has discussed the possibility of cooperation with Russian giant Rosneft Oil Co. PJSC in refining, the petrochemical complex and trading, he added.
