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Energy ministers of Russia and Saudi Arabia discuss oil production cuts

HOUSTON, March 6. /TASS/. Russian Energy Minister Alexander Novak discussed progress in implementation of the oil production limiting agreement with his Saudi Arabia’s counterpart Khalid Al-Falih and the estimate is positive, Novak told reporters on the sidelines of CERAWeek conference on Monday.

"We give a positive estimate [to implementation of the oil production limiting agreement]; the progress in agreement performance continues as needed," the Russian minister said.

Novak gave a high rating to the outcome of talks with Saudi Arabia’s energy minister. "The meeting was meaningful; all issues related to global markets and compliance with the [oil production limiting] agreement were discussed," the Russian minister said.

The parties also discussed opportunities for investments into Russian projects, he said.

"Yes, [they] were discussed," Novak said responding to the question whether talks were held with Saudi Arabia’s Energy Minister on investments into Russian projects.

The Russian minister did not mention the amount of potential investments.