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2020-02-14 11:45:00

RUSSIA, SAUDI ARABIA PROJECTS $10 BLN

RUSSIA, SAUDI ARABIA PROJECTS $10 BLN

AN - February 13, 2020 - Russia's RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion.

The discussions took place in Saudi Arabia as Russia and the Organization of the Petroleum Exporting Countries discussed further cooperation on the global oil market.

Saudi Arabia, a leading voice in OPEC, has been trying to persuade Russia to join deeper oil production cuts. Moscow has said it will disclose its stance on that proposal in the coming days.

Saudi business representatives will visit Moscow in the spring and continue their talks with Russian companies, RDIF said.

Russia has played a central role in the alliance between OPEC and non-OPEC oil exporters, known as OPEC+, since they began coordinating moves on the oil market in 2016.

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Earlier:

RUSSIA, SAUDI ARABIA PROJECTS $10 BLN
2020, February, 5, 11:20:00
RUSSIA, SAUDI ARABIA READINESS
Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz "thoroughly discussed" the current oil market conditions as prices have fallen by more than 20% in the past three weeks amid global oil demand concerns, a Kremlin statement said late Monday.
RUSSIA, SAUDI ARABIA PROJECTS $10 BLN
2020, February, 3, 12:20:00
RUSSIA'S OIL PRODUCTION 11.28 MBD
Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel
RUSSIA, SAUDI ARABIA PROJECTS $10 BLN
2020, February, 3, 12:15:00
SAUDI ARABIA'S OIL PRODUCTION 9.744 MBD
Saudi Arabia over-complied with its quota of 10.31 million b/d last year under the old agreement with the 23-member OPEC/non-OPEC coalition, collectively known as OPEC+, as the country made up for laggards Iraq and Nigeria, which flouted their quotas for most of last year.
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Tags: RUSSIA, SAUDI ARABIA, INVESTMENT