Published: Сб, Октября 07, 2017
Sport | By Cecil Buchanan

Putin did not propose extending oil output cut deal

Putin did not propose extending oil output cut deal

On Wednesday, Russian energy minister Alexander Novak told TASS news agency that Saudi Arabia is investing $1 billion into energy projects in Russia though he did not give details or specify if these deals would be signed during the visit.

The Kremlin said ahead of the visit that Salman and Putin will discuss "the situation in the Middle East and North Africa, especially focusing conflict situations in the region".

"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.

Saudi Aramco and Saudi Basic Industries Corp (SABIC) is expected to sign an MoU with Russia's biggest petrochemical firm Sibur to examine opportunities for building petrochemical plants in the two countries.

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.

"Saudi Arabia has recognised Russian Federation as a significant player in a region that is important to it", he said.

He said Russian Federation advocates constructive, predictable and mutually beneficial cooperation based on the principles of equality, mutual respect, respect of national interests and non-interference in each other's internal affairs.

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Moscow and Riyadh worked together to secure a deal between OPEC and other oil producers to cut output until the end of March 2018, helping support prices.

Through King Salman's visit to Russian Federation, a new phase of a coalition began based on joint interests that will be reflected on the region's stability and security which is a strategic goal both Riyadh and Moscow aim to reach. He also referred to a 2015 deal when the Public Investment Fund (PIF) agreed to invest $10 billion in Russian Federation.

King Salman called Russian Federation a "friendly nation" and said his four-day visit would boost growing ties between the world's two largest oil exporters.

What is behind Saudi king's "historic" Moscow visit?

There has been no immediate USA reaction to the growing ties between Riyadh and Moscow.

But Russian military success on the ground in Syria has resulted in Saudi Arabia pressuring opposition groups to hold peace talks with Damascus.

King Salman even brought his own furniture along to the luxury hotels booked by the Saudi government for the visit.

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