Russian Deputy Prime Minister Alexander Novak greeted Saudi Arabia's Minister for Energy Prince Abdulaziz bin Salman in Moscow on Wednesday in a video posted online by Russian journalists.Novak said that Russia and Saudi Arabia would discuss the impact of the conflict in the Middle East which the Kremlin has warned could swiftly escalate into a regional conflict.
"We will discuss it... Such events in the world one way or another can influence the situation with the consumption of energy resources," the Interfax news agency quoted Novak as saying.Novak said at the start of the meeting that Russia was ready to boost oil product supplies to Saudi Arabia. Gulf states, which have their own major refineries, usually re-export Russian fuel.
He also said that Russia was ready for cooperation with Saudi Arabia in nuclear energy, geological exploration and food supplies.Putin is scheduled to address the forum later on Wednesday. Iraqi Prime Minister Mohammed Shia Al-Sudani, who is on an official two-day visit to Moscow, and some OPEC representatives are also expected to attend the forum.They have agreed to continue with voluntary oil supply cuts of a combined 1.
Saudi Arabia said on Tuesday it was working with regional and international partners to prevent the escalation of the situation in Gaza and neighbouring areas, and reaffirmed that it supports efforts to stabilise oil markets. Israel produces very little crude oil, but markets are worried that the conflict could escalate and disrupt Middle East supplies, worsening an expected deficit for the rest of the year.The deputy CEO of commodity trader Mercuria, Magid Shenouda, said on Wednesday that oil could go to $100 a barrel if the situation in the Middle East escalates.