Saudi Arabia, Rosneft discuss swapping supplies of heavy grades for oil refineries

Saudi Energy Minister Khalid Al-Falih met with Rosneft, Russia’s oil giant, and discussed swapping supplies of heavy grades for oil refineries, Reuters reported, citing a company statement issued on Friday.

Saudi Arabia, Russia and other oil producers had stabilized the situation on the global oil market, Igor Sechin, Rosneft’s CEO said in the statement.

“The increase in prices to a comfortable level of $70-80 per barrel of Brent crude oil is a result with which we are completely satisfied,” he said.