Saudi King Salman made first official visit to Russia. Putin responded with an extravagant welcome ceremony. Both leaders spoke of strengthening ties and reaffirmed their country's commitment to oil production caps. The two countries signed a $1 billion joint energy fund among other deals.
President Putin unexpectedly discussed how OPEC and Russia's production caps could be extended well beyond the current March 2018 deadline. Saudi Arabia is also committed to keeping oil prices elevated ahead of a public offering of state oil company Saudi Aramco that is planned for sometime in 2018
US production has been rising in recent days although US inventories have still fallen sharply. This is potentially a sign of falling global inventories, in which case current OPEC and Russian production caps may be working.
https://www.wsj.com/articles/putin-saudi-king-explore-deeper-cooperation-1507224720
President Putin unexpectedly discussed how OPEC and Russia's production caps could be extended well beyond the current March 2018 deadline. Saudi Arabia is also committed to keeping oil prices elevated ahead of a public offering of state oil company Saudi Aramco that is planned for sometime in 2018
US production has been rising in recent days although US inventories have still fallen sharply. This is potentially a sign of falling global inventories, in which case current OPEC and Russian production caps may be working.
https://www.wsj.com/articles/putin-saudi-king-explore-deeper-cooperation-1507224720
