World Russia will work with Saudi to stabilise oil market: Putin

21:05  13 october  2019
21:05  13 october  2019 Source:   msn.com

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Russia will certainly continue working with Saudi Arabia and other partners and friends in the Arab world to counter any attempts to wreak havoc in the market . Now let us turn to Russia ’s initiative to stabilise the situation in the Gulf region. We put that initiative forward some time ago.

Russian President Vladimir Putin said in remarks aired on Sunday that global oil inventories need cutting to "reasonable levels" and that Russia would work with Putin was speaking in an interview with Arab broadcasters including Al Arabiya TV ahead of a visit to Saudi Arabia, which comes after

Russia will work with Saudi Arabia against any "attempt to destabilise" the oil market, President Vladimir Putin said in an interview broadcast Sunday, on the eve of a visit to Riyadh.

Vladimir Putin wearing a suit and tie: © Alexey DRUZHININ "We will absolutely work with Saudi Arabia and our other partners and friends in the Arab world... to reduce to zero any attempt to destabilise the oil market," Russian President Vladimir Putin said in an interview with Arabic-language news channels

Tensions in the region are high following attacks on oil installations in Saudi Arabia, which sent prices surging, and the seizure of tankers in the Gulf.

"If anyone believes that acts such as the seizing of tankers or strikes against oil infrastructure could in any way affect the cooperation between Russia and our Arab friends... they are very wrong," Putin said.

Oil, Iran top agenda as Putin visits Saudi Arabia

  Oil, Iran top agenda as Putin visits Saudi Arabia Russian President Vladimir Putin will visit Saudi Arabia on Monday, where he is set to seal oil agreements as well as use his influence to defuse rising tensions in the Gulf. These tensions spiked last month after the attacks on Saudi oil facilities that initially halved the kingdom's crude output and set oil markets alight. Yemen's Huthi rebels claimed responsibility, but US officials blamed Iran and said the rebels did not have the range or sophistication to target the facilities.Tehran has denied involvement and warned of "total war" in the event of any attack on its territory.

But he said that the stabilization of oil markets was in the interests of both crude producers and consumers. Putin said he had met with the leaders of Russia ’s biggest oil companies on Wednesday this week. “We believe that our production stabilization agreements with Saudi Arabia

But oil was front and center. Russia and Saudi Arabia have often competed for energy market dominance. They are engaged in an intense battle over who will be the top supplier to China, a Tass reported that Moscow is hoping Saudi Arabia investment in Russia will surpass billion after the visit.

"We will absolutely work with Saudi Arabia and our other partners and friends in the Arab world... to reduce to zero any attempt to destabilise the oil market," he said in the interview with Arabic-language news channels.

In recent years, non-member Russia has cooperated closely with the Organization of the Petroleum Exporting Countries (OPEC), which is led by Saudi Arabia.

The group has sought to limit supply, leading to a rebound in prices after the collapse of 2014-2015, which badly hit the Russian economy.

"Our goal is to stabilise the situation in the global hydrocarbon market," Putin said.

Last month, Saudi Arabia, the US and a number of European nations accused Iran of being behind the drone attacks on Saudi infrastructure.

Tehran denied involvement in the attacks, which were claimed by Yemen's Huthi rebels.

Putin said Russia was ready to participate in an investigation into the incidents.

Moscow, which has "good relations with all the countries in the region" could also play a "positive role" in attempts to ease tensions between Iran and Saudi Arabia, Putin said.

Turkey, Russia agree on Syrian Kurdish YPG withdrawal, joint patrols -Erdogan .
Turkey and Russia have agreed that the Kurdish YPG militia in Syria will withdraw to beyond 30 km (19 miles) from the Turkish border and will also leave the towns of Tel Rifaat and Manbij, President Tayyip Erdogan said on Tuesday. © Sergei Chirikov/Pool via REUTERS Russian President Vladimir Putin shakes hands with Turkish President Recep Tayyip Erdogan during their joint news conference following Russian-Turkish talks in the Black sea resort of Sochi, Russia October 22, 2019.

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