Russian Federation on track to becoming global energy storage leader - minister

Posted October 07, 2017

"The market can absorb it", Falih said, speaking alongside Russian Energy Minister Alexander Novak as part of a panel discussion at an energy forum in Moscow.

While they are partners on the oil market, on the foreign policy front, Moscow and Riyadh are on opposite sides of the war in Syria, with Russian Federation supporting President Bashar al-Assad while Saudi Arabia supports the opposition.

Together they produce about a quarter of the world's oil and past year clinched a deal created to eliminate a global supply glut, in part triggered by the rapid rise in American production.

"Shale coming in and happening again in 2018 doesn't bother me at all".

Kommersant also said Putin and Salman are due to discuss an arms deal worth more than $3 billion (2.5 billion euros) to supply Riyadh with S-400 air defence systems.

Saudi Arabia's King Salman is being hosted by the Kremlin, marking the first time a Saudi leader has visited Russian Federation or the Soviet Union in the past.

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Clean energy produces about 84 percent of electricity in Russia for the moment and the figure is expected to reach 90 percent by 2035, Russian President Vladimir Putin said Wednesday.

The two nations - joint architects of the supply agreement between the Organization of Petroleum Exporting Countries and other producers that has boosted prices - are looking at ways to extend and deepen their relationship.

"In particular, we have welcomed the idea offered by the Saudis to create common research and development through cooperation between Saudi Aramco and Gazpromneft", said Novak. We will have the pleasure and honour to welcome the King of Saudi Arabia very soon in Russian Federation.

"Those who want to talk with North Korea by force are making the North Korean regime stronger", Putin said.

"By law the [start of] the presidential election campaign must be announced in late November-early December, I think", he said.

Nasser told the Arabiya television channel in Moscow that he sees the oil market stabilising as demand growth continues and global oil inventories decline.