February 20, 2018

Saudi Arabia seeks to develop ties with Russian Federation - top diplomat

05 October 2017, 12:26 | Rufus Hill

Saudi economy contracts in first two quarters of 2017

Saudi GDP Shrinks for Second Quarter in a Row Amid OPEC Cuts

Novak also noted that both countries are also working on other agreements including the possibility for Russian firms to provide drilling services in the Saudi Arabia and crude oil trading between Saudi Aramco and Russian Rosneft.

King Salman is planning "unprecedented" oil and gas deals, cementing closer ties between the two energy giants, including investments in the proposed Novatek/Total Arctic LNG II project and in Russian contractor Eurasia Drilling, Bloomberg reports.

Saudi Arabia has its economy based on the oil sector.

The senior diplomat said the arrival of King Salman bin Abdulaziz Al Saud in Russian Federation is a historic event, as it is the first ever official visit by a Saudi Arabian monarch in the history of bilateral relations.

Meanwhile in the US, a Moody's Investors Service study of 37 North American exploration and production companies shows that while the companies have achieved dramatic cost cuts, any improvement in their ability to sustain healthy returns will have to come from commodity prices.

Producers agreed to extend the cuts for nine more months, ending in March 2018.

Novak said that Turkmenistan has also been invited to take part in the gas exporting countries' forum, RIA Novosti reported. It is expected to be attended by more than half of OPEC's 15 members, Reuters reported, with ministers due to focus on recommendations for the next meeting between global oil producers, scheduled for November.

Venezuela has invited Egypt to join the oil output cut deal of OPEC and participating non-OPEC countries, Eulogio Del Pino, Minister of the People's Ministry of Petroleum of Venezuela wrote on Twitter.

The Russian government said in a statement on its official website on Tuesday that the visit of the Saudi monarch would include "discussing issues of bilateral trade, economic and industrial cooperation in the fields of energy, agriculture and others, and will review the progress made in the implementation of major infrastructure projects".

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