February 19, 2018

Saudi-Russian Talks on Oil Output Agreement ahead of OPEC Meeting

09 October 2017, 12:35 | Rufus Hill

Photos show Putin personally pour a cup of tea for his royal guest at the Kremlin Palace.

King Salman, the first ruling Saudi monarch to pay an official visit to Moscow, met with Russian president Vladimir Putin in the Kremlin on Thursday, before holding talks with prime minister Dmitry Medvedev on Friday.

Salman and his delegation arrived in the Russian capital for a four-day visit on Wednesday.

These agreements are "expected to play a pivotal role in the growth and development of the military and military systems industry in Saudi Arabia", Saudi Arabian Military Industries (SAMI), the Kingdom's military industries firm said.

King Selman's meetings in Moscow include energy market, Middle East, civil war in Syria and Iran.

"The Saudis want help on Iran, and Russia wants trade and investment", said Mark N. Katz, a Russia-Middle East relations analyst at George Mason University.

Russian Federation sees huge potential for boosting ties between Moscow and Riyadh.

While Russia has said Kurds have the "right" to declare independence, Iran has joined Saudi Arabia, Iraq, Turkey, and Syria in opposing Kurdistan's efforts to become a sovereign nation. Saudi Arabia is the country that buys the most United States arms and Washington and Riyadh in May announced a $110 billion deal to sell weapons to Saudi Arabia.

The Russian Direct Investment Fund with partners from Saudi's Public Investment Fund (PIF) organizes for investments in the energy projects a fun of one billion dollars and a fund of one billion dollars for investments in technology projects.

Saudi Arabia and Russian Federation are heavily dependent on oil exports and the global plunge of the price of crude that began in 2014 lashed both of their economies.

Russian Federation and Saudi Arabia are both important players in the ongoing conflict, and thus their diplomatic efforts could ease tensions in the region and create a basis for the resolution of other crises in the Middle East, like those in Yemen and Iraq. USA light crude was up 10 cents at $50.08.

"The ongoing change in Russia's energy balance will reduce domestic oil consumption, and the methods for coal use will become more environmentally friendly", Putin said. But on Syria, the two countries remain divided with Washington's focus on fighting ISIS the Islamic State group, not on ousting Assad.

Peskov said the cooperation between Moscow and Riyadh was in the interest of both countries and also of the world's stability.

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