Oil cut deal possible at G20

Falih: Only Russia undecided on OPEC deal extension

Saudi Arabian Energy Minister Khalid Al-Falih (L) and Russian Energy Minister Alexander Novak (R) exchange documents during the 6th meeting of the Russian-Saudi Intergovernmental Commission on Trade, Economic and Scientific and Technical Cooperation in Moscow on Monday. — AFP

Moscow — Saudi Arabia and Russia could agree on OPEC policy to extend oil output at G20 summit, Saudi Energy Minister Khalid Al-Falih told Russian news service Tass.

Russia was the only oil exporter still undecided on the need to extend an output deal between OPEC and its allies until the end of the year, said Falih, who held talks with his Russian counterpart Alexander Novak.

The two energy ministers may both be in Japan for the Group of 20 summit this month.

“We will have an opportunity to further calibrate our positions,” Falih said in an interview with Tass.

Oil has risen after the two ministers suggested Friday they would continue to manage the market.

State oil giant Saudi Aramco is looking at “multiple” projects in Russia, Falih said. They include the Arctic LNG 2 gas project — in which Aramco is still willing to buy a stake — and others with Gazprom PJSC and Rosneft PJSC, he said.

Saudi Arabia also may be interested in taking a stake in Russian petrochemical producer Sibur Holding, he said.

Falih also said that Russian President Vladimir Putin will visit Saudi Arabia in October this year. — Agencies