Agreements reached between Russia and Saudi Arabia on global oil supply have helped oil markets to stabilise, the Saudi energy minister Khalid Al Falih said on Thursday.
The two countries, the world's biggest producers of crude, helped secure a deal between Opec and rivals including Russia to cut supplies until the end of March 2018 in an effort to reduce a price-sapping glut.
Mr Al Falih, whose country is the de facto leader of the 14-member Opec, also said he welcomed the contribution of US shale oil supplies as global demand for crude was on the rise.
"Shale coming in and happening again in 2018 doesn't bother me at all. The market can absorb it," Mr Al Falih said, speaking alongside the Russian energy minister Alexander Novak as part of a panel discussion at an energy forum in Moscow.
The comments came a day after the Russian president Vladimir Putin said the supply-cutting deal could be extended to the end of 2018, a longer time-frame than others have suggested.
Mr Novak said Moscow would support the possible participation of additional countries in the output deal, and that he was satisfied with current oil prices.
Oil steadied around US$56 a barrel on Thursday on expectations that Saudi Arabia and Russia would extend production cuts.
Mr Al Falih said Saudi Arabia wants to develop ties with Russia further, particularly in the private sector.
"I see huge opportunities in front of our countries and for the business sector in both nations," he said.
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The visit of Saudi Arabia’s King Salman to Russia this week shows the high degree of mutual trust between Russia and Saudi Arabia, Mr Al Falih said.
King Salman is in Russia as part of a state visit, the first to Moscow by a reigning Saudi monarch.
A slew of investment agreements are due to be signed during King Salman's trip and plans for a $1 billion fund to invest in energy projects are likely to be finalised, as part of efforts to expand cooperation.
"This historic visit will witness the signing of memoranda of understanding [MoUs] in several fields that are important to both countries," Mr Al Falih said.
He said MoUs would be signed with Russia's state nuclear agency Rosatom for the peaceful use of nuclear energy as well as other agreements for military industries and marine development.
The state oil juggernaut Saudi Aramco will sign several non-binding MoUs on Thursday with the Russian companies Gazprom, Gazprom Neft, Sibur and Litasco.
The Russian Direct Investment Fund will also sign an MoU with Aramco and Saudi's Public Investment Fund for investments in energy services and manufacturing.
Saudi Aramco is discussing several investment opportunities with Russian firms, said the Aramco chief executive Amin Nasser on Thursday in Moscow.
Mr Nasser said he sees the oil market stabilising as demand growth continues and global oil inventories decline.
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
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Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani