Saudi Aramco IPO on track for 2018

Survey Shows Spike In OPEC's September Oil Production

Saudi Arabia made no firm pledge on Thursday to extend a deal between OPEC, Russia and other producers on cutting supplies but said it was "flexible" regarding Moscow's suggestion to prolong the pact until the end of 2018. "Saudi Arabia's position is among the worst of the Gulf Cooperation Council countries", he added.

Following the meeting, the two countries launched a joint energy investment fund worth $1 billion. Cooperation between the world's two largest exporters, as well as other OPEC members, has helped stabilise global oil prices in recent months at around $50 a barrel.

The visit shows the high degree of mutual trust between Russia and Saudi Arabia, Falih said, speaking alongside Russian Energy Minister Alexander Novak as part of a panel discussion at an energy forum in Moscow.

The dramatic improvement in relations between Russian Federation and Saudi Arabia comes even though both countries support different sides in the six-year war in Syria.

The Aramco IPO, which could raise $100 billion, is a centrepiece of Vision 2030, an ambitious reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman.

"The visit is likely to strengthen trade ties between Russian Federation and Saudi Arabia, but most are wondering whether two of the world's major oil producers will be discussing a collaboration to improve the price of oil", Ahmad said.

Both Russia and Saudi Arabia rely heavily on oil revenues and were hit by the slump in world energy prices.

Both Falih and Nasser are part of an official Saudi visit to Moscow. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

Plans to move Liverpool game to Christmas Eve in doubt
In the two years since the German coach arrived at Anfield, Liverpool have taken 36 points from 20 games, losing just twice. Of course, it could have been a little bit better if chances had gone in or individual errors could have been avoided.

Tass reported Thursday that Saudi Arabia was interested in buying Russia's S-400 air defense missile system.

The move by OPEC and non-OPEC producers to balance the market is working, but the work is not yet finished, Saudi Arabia's oil minister said from Moscow.

King Salman said that positive cooperation between the kingdom and Russian Federation supports the stability of the global economy.

Now, $1bn (energy deal) is like a drop in water for a country having over $50bn in budget deficit and borrowing billions more, locally and internationally.

The current talks in Moscow will determine the fate of the package of arms contracts, including the delivery of S-400 Triumf anti-aircraft missile systems to Riyadh.

The increase followed a widening of the discount for USA crude against Brent WTCLc1-LCOc1, making US oil attractive on world markets.

Expanding on this, Ahmad continued: "In the past, Saudi Arabia has expressed a commitment to increased production cuts to bolster the market".

At the same time, Russian President Vladimir Putin successfully fills the "power vacuum" in the Middle East and in fact has become its new "master", Bloomberg said.

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