Saudi investment ministry denies talks between Al-Falih, Novak to resolve oil prices

The Saudi Ministry of Investment denied that Khalid Al-Falih, the recently announced Minister of Investment, is in talks with Russia’s Energy Minister, Alexander Novak, to resolve differences related to energy and oil prices.

The ministry clarified that the report and allegations published by The Wall Street Journal on Tuesday, March 10, are baseless, Saudi Press Agency reported.

The ministry confirmed that there was no communication between Al-Falih and Novak in any way.

“While Al-Falih fully supports the efforts being led by Saudi Arabia, he is not playing any role in any discussions nor is he planning on travelling to Moscow,” the statement said.

Al-Falih emphasized that his mandate remains focused on elevating Saudi Arabia’s position as an attractive global investment destination.

The investment minister urged the media to avoid publication of any claims that have not been properly corroborated from appropriate and reliable source.

Additionally, Novak has also confirmed that these claims of talks are false.

OPEC and its allies including Russia earlier agreed to curb oil output by 1.7 million bpd under a deal that runs to the end of March 2020. However talks collapsed after OPEC effectively presented Russia with an ultimatum on March 5, offering it a choice of accepting a deal with much bigger than expected cuts or no deal at all.