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Russia and Saudi Arabia may double investments cooperation in 3 years

At a meeting on June 23, the OPEC + countries decided to increase oil production within the OPEC+ deal by 1 mln barrels per day

MOSCOW, June 25. /TASS/. The interaction of Russia and Saudi Arabia as part of the OPEC + format will make it possible to double the volume of investments in bilateral cooperation in the next three years, head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told journalists.

"As for our bilateral relations, we expect that cooperation between Russia and Saudi Arabia as part of the OPEC + format will double the amount of investments in cooperation between the two largest oil producers in the next three years," Dmitriev said without specifying the amount investments.

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OPEC+ decision to increase oil output not to affect oil prices — Accounts Chamber chief

At a meeting on June 23, the OPEC + countries decided to increase oil production within the OPEC+ deal by 1 mln barrels per day for the second half of 2018. They did not rule out that production levels can be revised again in September.

Also the OPEC+ ministers discussed Russia's accession to OPEC as an observer and the alliance format after 2018.

"The long-term cooperation between Russia and Saudi Arabia in coordinating the efforts of oil producing countries and creating a new organization based on OPEC + in the future will help overcome the contradictions between producers and develop a unified strategy for action on the global market. The alliance of Russia and Saudi Arabia has already showed its leading role," Dmitriev said.

According to him, such cooperation will help stabilize the oil market. "These actions in the long term will ensure the stability of prices in world markets and the growth of investments in the energy sector," Dmitriev added.

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