Putin does not exclude extension of global oil output cut deal

07 October, 2017, 00:36 | Author: Douglas Reid
  • Saudi king to make historic visit to Russia

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud stressed Thursday the importance of bilateral cooperation between his country and Russia during a historic summit with Russian President Vladimir Putin at the Kremlin Palace in Moscow.

Russian Federation and Saudi Arabia, among other agreements expected to be signed during this bilateral summit, will create a billion-dollar investment fund for different energy projects.

Iran must refrain from interfering in Middle Eastern conflicts because such involvement has destabilised the region, King Salman told Russian President Vladimir Putin, according to comments carried by the Interfax news agency. "In addition to OPEC, we have an intergovernmental commission for trade and economic cooperation", the minister noted. The two nations - joint architects of the supply agreement between the Organization of Petroleum Exporting Countries and other producers that has boosted prices - are looking at ways to extend and deepen their relationship.

Only two years ago, the idea of a Saudi monarch visiting Moscow would have seem far-fetched, as Moscow and Riyadh have opposed each other for decades on every major regional conflict, from Afghanistan to the role of the Muslim Brotherhood.

King Salman is expected to ask Russia's support and commitment to ensure that the production cuts deal continues, following Saudi Arabia's cut of its output to around 10 million barrels per day to help control a glut in world oil supplies.

Al Jazeera's Rory Challands, reporting from Moscow, said a good amount of trust has been built between Saudi Arabia and Russian Federation and it is changing the political landscape.

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Saudi Aramco is discussing several investment opportunities with Russian firms but there are no current plans to take a stake in Novatek's liquefied natural gas (LNG) project, Aramco Chief Executive Amin Nasser said on Thursday. He also said he had accepted the king's invitation to visit Saudi Arabia.

"Today we alone as the Russian Direct Investment Fund announced deals worth $2.1 billion", said Kirill Dmitriyev, the head of the fund set up to attract investment.

More sanctions were the road to nowhere, Putin told the same forum, saying around 40,000 North Korean citizens were now working in Russian Federation. USA light crude was up 10 cents at $50.08.

But the United States, for which Saudi Arabia is an important strategic ally and trading partner in the Middle East, is likely to notice Russia's newfound friendship with Saudi Arabia.

A slew of investment agreements are due to be signed during King Salman's four-day trip.



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Experts believe, however, that the alliance between Moscow and Riyadh may change the current situation on the world oil market. Tass reported that Moscow is hoping Saudi Arabia investment in Russian Federation will surpass $1 billion after the visit.

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