King Salman and Putin hold 'substantive' talks in Moscow

Russia cuts oil output by 346,000 bpd in Sept Novak

They are meeting again this week in Moscow to discuss the market and the mechanism for monitoring exports, Russian Energy Minister Alexander Novak said Tuesday, adding that no decision on extending the deal will be made.

Saudi Arabia said it had signed a memorandum of understanding on the purchase from Russian Federation of S-400 air defense systems.

Several investment agreements will be signed during King Salman's trip and plans for a US$1-billion fund to invest in energy projects are likely to be finalised.

Falih said this week's visit by King Salman to Russian Federation, the first by a Saudi monarch, showed the high level of mutual trust between the world's two biggest oil producers.

"We aim to strengthen our relations in the interests of peace and security, in the interests of developing the world economy", the Saudi king responded.

Experts believe that the state visit of the Saudi monarch to Moscow may justify Russia's hopes in the field of economic and defense cooperation with the largest monarchy of the Gulf.

Reports say the deals range from an arms deal worth $3bn (£2.3bn) to a $1bn energy investment fund.

Russian state nuclear company Rosatom has sent proposals to Saudi Arabia to build a nuclear power plant in the country, the company's head Alexei Likhachev said, according to TASS.

Saudi Arabia is the country that buys the most USA arms and Washington and Riyadh in May announced a US$110 billion deal to sell weapons to Saudi Arabia.




An energy forum under way in Moscow and St. Petersburg is about halfway through.

Saudi Arabia and Russian Federation have very little in common.

For Russia, "price gains are more valuable than volume gains - how much can you really pump more from last year's peak production level?" he said.

The increase followed a widening of the discount for U.S. crude against Brent, making USA oil attractive on world markets.

It shows the Saudis' interest in keeping Russian Federation signed up to a global deal to limit oil production and push up the price of their valuable crude exports. Falih said oil demand was healthy around the world, and there was a steady reduction in global oil inventories.

Saudi Arabia and Russian Federation produce nearly a quarter of all oil in the world.

"We are patiently waiting for this internal political process to end", Putin said.

"Russian Federation is another major producer of the commodity, and it is possible that Saudi Arabia is looking for an ally".

Russia's foreign minister, Sergey Lavrov, said after the talks that Mr Putin and King Salman had discussed conflicts in the Middle East, as well as reconfirmed the need to fight terrorism.

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