Peskov called the visit of the Saudi minister a good reason for discussions about oil

The visit of Saudi Energy Minister Abdulaziz bin Salman to Russia is a “good opportunity” to discuss the situation in the oil market against the backdrop of aggravation in the Middle East. This was stated by the press secretary of the Russian President Dmitry Peskov.

Peskov stressed that world oil markets “react very sensitively” to such events as are currently unfolding around Palestine and Israel.

“Of course, in this case, our coordination with both the Saudis and other partners, which is carried out on an ongoing basis, its importance here can hardly be overestimated. Of course, the visit of Mr. Minister to Moscow will be a good opportunity for this,” he added, answering the question whether possible changes in the positions of Russia and other oil producers, taking into account the situation, will be discussed at the Russian Energy Week (REW).

The head of the Ministry of Energy of Saudi Arabia arrived in Moscow on October 11 to participate in the REW, which took place in the Russian capital from October 11 to 13. Previously, Deputy Prime Minister Alexander Novak stated on REW that Russia is ready to increase supplies of petroleum products to Saudi Arabia.

The conflict between the Palestinian group Hamas and Israel has prompted calls for tougher US sanctions against Iran and threatens to derail efforts to normalize relations between Israel and Saudi Arabia. Any of these factors could lead to a sharp increase in already high oil prices, wrote Politico. The publication cited a statement from energy industry analysts who expect US President Joe Biden to tighten sanctions. This action could lead to world oil prices exceeding the symbolic mark of $100 per barrel.