The Chief Executive Officer of Rosneft Igor Sechin held a working meeting with Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco.
At the meeting, the parties discussed prospects for developing mutually beneficial cooperation in oil-field services, petrochemistry and international trading. Notably, an opportunity to arrange swap supplies of heavy crudes to refineries and cross-supplies of petroleum products is being examined by Rosneft and Saudi Arabia. Moreover, Igor Sechin and Khalid Al-Falih assessed the overall state of the world oil market.
Commenting on the results of the meeting, Igor Sechin said, “The visit of His Highness King Salman bin Abdulaziz Al Saud to Moscow in October 2017 gave a powerful momentum to Russian-Saudi relations. Russia, Saudi Arabia and other producers joined forces to rebalance the market by having cut the oil output for the last 1.5 years. Saudi Arabia and Russia made the most significant contribution to that. The surge in prices up to the comfortable level of $70 to $80 per barrel of Brent is the result we are entirely satisfied with.