Putin does not exclude extension of global oil output cut deal

Putin does not exclude extension of global oil output cut deal

Putin does not exclude extension of global oil output cut deal

Architects of Saudi Arabia's foreign policy are aware of this aspect especially after Tehran took advantage that Riyadh steered clear of Kremlin's maze.

The talks took place against a hard political backdrop.

Khalid Bin Abdulaziz Al-Falih, Saudi Arabia's energy minister and president of OPEC, speaks as Alexander Novak, Russia's energy minister, left, listens during a news conference following the 172nd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, May 25, 2017.

Both Russia and Saudi Arabia rely heavily on oil revenues and were hit by the slump in world energy prices. The agreement regulated actions between oil producing countries to cut their oil output, which made it possible to stabilize oil prices on the world market after their considerable decline. Russian Federation and Saudi Arabia have often competed for energy market dominance.

Saudi Arabia is a close US ally and does not have a history of warm relations with Russian Federation.

Nasser said there were no current talks with Russian companies on them taking part in the planned initial public offer of shares in Aramco next year, during which the company aims to sell around 5 percent of its shares.

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

Russian Federation is strongly opposed to the idea of such a strike created to destroy its nuclear and missile programme - an idea the US President has floated - favouring a mixture of diplomacy and economic incentives instead. "What we did with OPEC, I believe, is beneficial for all the global economy", Putin told an energy forum in Moscow attended by several OPEC oil ministers.

"We are working on a number of agreements and we will announce them during the visit", Novak said regarding the efforts to expand Saudi-Russian cooperation within the energy industry.

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Deliberation on upstream emissions and land-use integrity is important, Notley said, but "investors need confidence". She said TransCanada made the right business decision given the ongoing uncertainties over the regulatory process.

The expert called attention to the fact that Moscow and Riyadh's cooperation in business and energy trade has already borne fruit.

Furthermore, the two countries have signed a number of lucrative deals paving the way for the further development of the Russo-Saudi relationship.

Under the agreements, Saudi Arabia is set to buy S-400 air defence systems, Kornet anti-tank guided missile systems and multiple rocket launchers. However, no contracts have been signed yet.

He also said the Saudi monarch had again expressed his support for a Russian-backed plan to create "de-escalation zones" in Syria. "Now after the U.S. began working more closely with Israel, Saudi Arabia has started expanding its global ties". The parties discussed packages of agreements worth up to $20 billion, but no solid contracts were signed.

Saudi Arabia's King Salman arrived in Moscow on Wednesday, the first official visit to Russian Federation by a ruler of the conservative kingdom.

King Salman of Saudi Arabia, OPEC's biggest producer, is due to meet Putin on Thursday.

US State Department spokesperson Heather Nauert was asked during a recent briefing whether the United States was concerned about the recent moves of its staunch allies - Turkey and Saudi Arabia.

Both sides are involved in the conflict, but on opposing sides. Both are US allies, strong USA allies.

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