Oil output deal could be extended, says Novak

Russian Energy Minister Alexander Novak said that a global deal between OPEC and other countries to cut oil output could be extended beyond March 2018 if needed, TASS news agency reported.

This followed talks he held with Saudi King Salman on Thursday.

He also said Moscow is working closely with Saudi Arabia to encourage bilateral investments in the energy sector by both countries. Russian companies are also interested in the Kingdom’s planned new NEOM business zone, he added.

Novak was received by Saudi Arabia's King Salman in Riyadh to attend an investment event held by the two oil producers in the Saudi capital.

Meanwhile, the deputy minister of industry and trade, Vasily Osmakov, said the two countries are discussing plans to open a direct air service. The service could be opened in 2018, he added.

Osmakov also said Russian Railways is negotiating the construction of two railroads in Saudi Arabia. He added that the tender is expected in end-2017.

Earlier in October, the Saudi monarch visited Russia in the first-ever visit to Russia by a Saudi king, Argaam earlier reported.