Saudi Arabia looks to Russia to boost non-OPEC cooperation

RIYADH, Oct 23 (Reuters): Saudi Arabia's Energy Minister Khalid al-Falih said on Sunday he had invited his Russian counterpart Alexander Novak to meet Gulf Arab energy ministers in Riyadh as part of efforts to cooperate with non-OPEC members to stabilie the oil market.

"Russia is one of the world's biggest oil producers ... and is one of the influential parties in the stability of the oil market," Falih said at the opening session of the six-member Gulf Cooperation Council (GCC).

Falih said Novak had welcomed the invitation, "as a clear indication of sincere desire to continue cooperation and coordination with the oil producing and exporting countries for more stability in the market."

Novak had said on Friday he would take "some" proposals to the meeting in Riyadh.

Last month in Algiers, the Organization of the Petroleum Exporting Countries agreed modest oil output cuts. The goal is to cut production to a range of 32.50-33.0 million barrels per day (bpd).

"The Algeria meeting last month was successful in pushing the path of cooperation between oil producing and consuming countries and included important talks between experts from OPEC countries and outside of OPEC about oil markets," Falih said calling on his Gulf energy counterparts to work together as a bloc.

Falih also said that the low oil price environment had led to a decrease in investments which could lead to a shortage in supply in the future and have a negative effect on the global economy.

Meanwhile, Iran hopes non-OPEC Russia and OPEC heavyweight Saudi Arabia can agree to coordinate on possible actions on the global oil market, Iranian Oil Minister Bijan Zanganeh said on Sunday.

"I hope the two sides can reach an understanding, ... that and Russia and non-OPEC countries will reach an understanding over the decision by OPEC members to decrease oil production," said Zanganeh, quoted by Iran's oil ministry news agency SHANA.

The Organisation of the Petroleum Exporting Countries (OPEC) agreed in Algiers on Sept 28 to reduce production to a range of 32.5 million to 33.0 million barrels per day, which would be its first output cut since 2008. Another meeting on Nov 30 is set to firm up details of the accord.

"Since OPEC has reached the framework of an agreement, efforts should be made so that non-OPEC countries could also agree among themselves," Zanganeh said.

Russian Energy Minister Alexander Novak has said he would make proposals to his counterpart from Saudi Arabia this weekend on price-supportive measures that could include an oil production freeze.

In another development, Kuwait's finance minister and acting oil minister Anas al-Saleh sees crude oil prices at $50 to $60 a barrel within the next 15 months, state news agency Kuna reported on Sunday.

Saleh made his comments in an interview that aired on Kuwait's al-Rai television late on Saturday, Kuna said.

"We expect to see the level of $60, meaning $50 to $60, and we will be within this range in the next 15 months," Saleh said.