Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Russia plans meeting with OPEC in October
Published in The Saudi Gazette on 17 - 08 - 2016

Russia's energy ministry on Tuesday said it was making plans for a possible meeting with the Organization of Petroleum Exporting Countries (OPEC) in October, as the sector grapples with lower crude prices due to a global supply glut.
"We plan for this meeting to be held in October in Vienna," said Russian Energy Minister Alexander Novak in a statement sent out shortly after a ministry delegation visited OPEC headquarters.
The announcement came as energy stocks ticked up Tuesday on an interview with Novak in a Saudi Arabic daily that hinted at a possible production freeze by Russia, which is not an OPEC member, in cooperation with the 14-nation oil organization.
The ministry said Russia's delegation to OPEC "exchanged views on the current situation on the oil markets and the prognoses for its development," as prices held above $45 a barrel early Tuesday.
On Aug. 8, Novak said the "preconditions have not yet been set" for a price freeze but that a necessity for it may come about if prices begin to slide.
OPEC members are set to hold an informal meeting on the sidelines of the International Energy Forum in Algeria from Sept. 26- 28.
Oil prices rose Tuesday extending the previous session's gains, as markets assess the likelihood of producers reaching a deal to limit output.
Around 1230 GMT, Brent North Sea crude for delivery in October was up 33 cents at $48.68 a barrel.
US benchmark West Texas Intermediate for September delivery gained 28 cents to $46.02 compared with Monday's close.
Traders are speculating on whether Saudi Arabia and other major oil producing nations will reach an agreement at a meeting next month to tackle a supply glut.
Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are expected to meet informally in Algeria on the sidelines of the International Energy Forum. Saudi Arabia's oil minister Khalid Al-Falih has hinted that producers could discuss actions to stabilize prices.
Angus Nicholson, a strategist at IG Markets, added Tuesday: "The chances of a deal actually occurring at next month's OPEC meeting are minimal", following previous failed attempts earlier this year.
Prior to the recent price rally, oil entered a "bear" market at the start of the month on oversupply concerns, falling more than 20 percent and closing below $40 a barrel for the first time since April.


Clic here to read the story from its source.