Декабря 11, 2017


Saudi energy minister says Russian Federation helped to breathe back life into OPEC

09 Октября 2017, 12:32 | Katrina Lee

Saudi energy minister says Russian Federation helped to breathe back life into OPEC

Jailed Russian opposition leader Alexei Navalny has called on supporters to hold rallies against Vladimir Putin's rule as the Russian president marks his 65th birthday

In an apparent reference to the output deal, Salman told Putin on Thursday that Saudi Arabia is "eager to continue the positive cooperation between our nations in the world oil market, which fosters global economic growth".

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

The agreement was signed during the official visit of King Salman to Moscow.

King Salman of Saudi Arabia arrived in Moscow, Russia, yesterday for a state visit during which he will discuss the topic of the investment fund and finalising what deals can be enacted in the near future to strengthen relations between the two countries.

Saudi King Salman is now in Russian Federation as part of a state visit, the first to Moscow by a reigning Saudi monarch.

A Russian energy source said a memorandum of understanding (MoU) was expected to be signed between Novatek and Saudi Arabia on a liquefied natural gas (LNG) project, known as Arctic LNG-2, that aims to start up in the 2020s, Reuters reported. Saudi Arabia seeks to continue cooperation with Russian Federation for achievement of stability on global oil markets, he said.

"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.

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"I'm sure your visit will boost the ties between our countries", he said.

"I think the arms deal with Saudi Arabia could be very important because this will open new strategic opportunities in the relations between Saudi Arabia and Russian Federation".

The U.S., meanwhile, remains Saudi Arabia's top weapons supplier and its most critical Western ally. Moscow has also headed to Saudi Arabia after China and Qatar to meet its investment needs. "Relations between Russian Federation and Saudi Arabia have reached an historical moment".

The two leaders had a "friendly and substantial discussion based on a desire by Moscow and Riyadh to consistently grow mutually-beneficial partnerships in all spheres", Lavrov said at a press conference alongside his Saudi counterpart Adel al-Jubeir.

"Putin and Salman will most likely reach, but not announce, an agreement to extend the OPEC/non-OPEC production deal, though with a commitment to taper the cuts", said Eurasia Group.

Saudi Arabia has agreed to invest $1bn in Russian energy projects, while Russian petrochemicals giant Sibur will build a plant in Saudi Arabia in a separate $1.1bn agreement.

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