USA shale oil coming to the market is not a concern, Saudi Energy Minister Khalid al-Falih said on Thursday, adding that demand will absorb it.
Falih said oil demand was healthy around the world, and there was a steady reduction in global oil inventories.
Referring to the ongoing coercive rhetoric against Pyongyang by United States President Donald Trump, Putin said coercive rhetoric against Pyongyang and attempts "to speak from a position of strength" only give more power to the North Korean leadership.
Russian President Vladimir Putin will accept the Saudi Arabian King Salman ibn Abdulaziz al-Saud in Kremlin, who arrived on a historic visit to Moscow, the TACC reported on Tuesday.
Members of OPEC, of which Saudi Arabia is the biggest producer, have joined with non-member Russian Federation and other countries in cutting crude output in a pact that has helped prop up prices.
Novak said Moscow would support the possible participation of additional countries in the output deal, and that he was satisfied with current oil prices.
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He said Democrats will have to go to Alabama for grass-roots organizing to get disenfranchised "poor folks" to the polls. Mr Moore will face Doug Jones , the Democratic nominee, on December 12th.
More recently, tensions were high over the war in Syria, in which Russian Federation has staunchly backed Syrian President Bashar al-Assad while Saudi Arabia has supported his foes.
Oil LCOc1 rose above $56 a barrel on Thursday, supported by expectations Saudi Arabia and non-OPEC member Russian Federation would extend the curbs. "As far as bilateral ties with the United States are concerned, their current level can not be satisfying", Putin said at the Kremlin after he received diplomatic credentials from Huntsman.
On Wednesday, Putin met OPEC officials and said a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested.
Putin said that everything going on in this or that country is its internal matter.
Saudi Arabia's Public Investment Fund (PIF) in cooperation with the Russian Direct Investment Fund (RDIF) is considering joint work on 25 investment projects in various areas, according to Russian Energy Minister Aleksandr Novak.