Saudi king signs lucrative deals on landmark Russian Federation visit

Russland Alexej Nawalny vor Gericht

"More than half of OPEC ministers will arrive, ministers from Algeria, Venezuela, Saudi Arabia, Qatar and some other countries have already confirmed that they will participate", Novak said, as quoted by TASS.

That would buffer drillers against losses if the price were to decline, which may spur more USA production - partially offsetting the OPEC-led deal to cut supply by about 1.8 million barrels per day (bpd).

Russian authorities, the academic said, are trying to show "a new opening" in dealing with the Middle East developments. King Salman paid back the compliments by saying Russian Federation was a "friendly country". "We are patiently waiting for this internal political process to end", Putin said.

The agreement requires OPEC and non-OPEC producers, led by Russian Federation, to cut a combined 1.8 million bpd in supplies through March to hasten the market's rebalancing.

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.

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.

They underlined the need for a peaceful solution to the conflicts in the region, he told a joint news briefing with his Saudi counterpart Jubeir after the two leaders met.




Moreover, he underlined the importance of maintaining the territorial integrity of Iraq, in a clear allusion to Iraqi Kurdistan, which on September 25 held an independence referendum.

Instead, relations between the two countries has sunk even deeper as further revelations have surfaced about Russia's meddling in the United States presidential election campaign. "We are reliable and dependable suppliers of oil to the oil-consuming markets, not only now, but for the foreseeable future", Barkindo added.

The 81-year-old Saudi monarch's three-day visit got off to an awkward start on Wednesday evening after landing at Moscow's Vnukovo-2 airport when the escalator he uses to descend from his plane malfunctioned.

The king is also set to met Prime Minister Dmitry Medvedev on Friday before leaving Russian Federation on Saturday.

Saudi Foreign Minister Adel al Yubeir said that both countries will sign several agreements, which will take bilateral relations from good to excellent.

Saudi Arabia's King Salman bin Abdulaziz landed in Moscow on Wednesday for a historic State visit.

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