Saudi king signs lucrative deals on landmark Russian Federation visit

Saudi king signs lucrative deals on landmark Russian Federation visit

Saudi king signs lucrative deals on landmark Russian Federation visit

The leaders of the world's largest energy exporters discussed an extension of an Opec agreement to cap oil output and oversaw the signing of deals which officials said were worth billions of dollars. "It has breathed back life into OPEC which found itself, quite frankly, unable to swing its production as supply was persistently high in 2014 and global inventories were steadily rising ahead of demand", Saudi Arabia Energy Minister Khalid Al-Falih told CNBC on Thursday.

Vladimir Putin and King Salman are expected to focus on extending the commitment to cut crude oil output production, which has helped prop up oil prices.

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

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With 60 percent of Russia's budget revenues from oil imports, the kingdom is aware that Moscow prioritizes a sort of coordination and agreement with Riyadh on oil prices and production. The agreement was due to expire in March 2018. "Now after the USA began working more closely with Israel, Saudi Arabia has started expanding its worldwide ties".

The countries also moved to deepen ties in the energy sector, with Russian firm Sibur agreeing to joint oil-refining projects with Saudi Aramco.

King Salman's current visit to Russia is a decisive development in the course of Saudi-Russian relations.

In a major break with decades of rivalry, Russia and Saudi Arabia on Friday struck a slew of deals, including contracts for Russian weapons as part of a groundbreaking first visit by a Saudi monarch. And Russia is close to Iran, a fierce adversary of Saudi Arabia despite their status as OPEC members.

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"Both countries are looking to reap political and economic benefits during the visit", said Yury Barmin, an expert at the Russian International Affairs Council.

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.

Russian Federation is cutting more oil production than it agreed to under the OPEC-led arrangement.

Assessing the results of the Thursday talks, King Salman bin Abdulaziz al-Saud emphasized that the outlook of Moscow and Riyadh on many regional and worldwide problems coincide.

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