Oil slipped towards $64 barrel on Thursday as record USA production and rising inventories outweighed a weak dollar and Saudi Arabia's comments that OPEC and other producers were committed to their pact on cutting supplies.
Neither side had issued a statement on the LNG development at the time of going to press. Surging oil production in the United States is putting the brakes on crude prices, the International Energy Agency said on Tuesday.
Last month, the chief of the Russian fund said that Russian pension funds were considering taking part in Aramco's IPO expected to take place in the second half of this year.
"Sibur, jointly with us, is building a petrochemical facility focused on. manufacturing, which is really one of the big Russian projects in Saudi Arabia and underscores the potential for cooperation in petrochemicals", he added.
Dmitriev also said the Russian Direct Investment Fund, the Saudi Public Investment Fund and Aramco planned to invest in several projects through their joint energy platform including in Russia's Eurasia Drilling, a major independent driller. Saudi Arabia plans to deploy 17 gigawatts of atomic power through 16 reactors by 2040.
Custodian of the Two Holy Mosques King Salman bin Abdulaziz telephoned on Wednesday Russian President Vladimir Putin to discuss the latest regional and worldwide developments, reported the Saudi Press Agency.
Later on Wednesday, King Salman received Bosnian Security Minister Dragan Mektić.
But the rebound in US production, encouraged by the higher prices delivered by the OPEC-led cuts, is undermining efforts to curb supplies.
"I am confident that our high degree of cooperation and coordination will continue and bring the desired results", Falih told an industry conference attended by Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammad Barkindo.
The move is aimed at strengthening energy ties between the two major oil producers. Saudi Arabia, which had burnt fuel oil to generate power is increasingly moving to gas-powered electricity to free up crude for export as well as to meet growing demand, particularly during summer months.