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We're not satisfied yet with markets, Saudi oil minister says

07 October 2017, 12:46 | Marta Robbins

Putin undecided on running for president in 2018

Saudi king to make historic visit to Russia

This is also the first time in recent years, according to SIPRI, that Saudi Arabia has purchased weaponry from Moscow, as the United States is Riyadh's main source of arms.

Saudi Arabia has expressed interest in buying Russian-made S-400 missile defence systems, Russian Deputy Prime Minister Dmitry Rogozin said, according to state news agency TASS.

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

Saudi Arabia and Russian Federation helped secure the deal between Opec and 10 rival suppliers to cut output until the end of March next year in an effort to reduce a glut. He also said he had accepted the king's invitation to visit Saudi Arabia.

"I think the market is trying to stabilize", said Gene McGillian, director of market research at Tradition Energy. It was subsequently extended through March 2018.

The Saudi courtship of Russian Federation reflects a convergence of interests between the nations, both of which want to spur a recovery in crude prices.

He also said the two agreed on the importance of fighting terror and of finding peaceful solutions to conflicts in the Middle East.

He further emphasized the importance of preserving the unity of Iraq and the integrity of its internal front.

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Citing Russian Energy Minister Alexander Novak, the Financial Times reported that Russia and Saudi Arabia were expected to sign deals worth over US$3 billion.

Maduro on Wednesday thanked Russian President Vladimir Putin for his support in hard times. "We are reliable and dependable suppliers of oil to the oil-consuming markets, not only now, but for the foreseeable future", Barkindo added.

Putin said on Wednesday it was possible to extend an OPEC deal to cap oil output "at least until the end of 2018".

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.

King Salman of Saudi Arabia will arrive in Russian Federation later Wednesday for the first official visit to the country by a Saudi king.

The US is still Saudi Arabia's top weapons supplier and an important ally, but yesterday's deals highlighted Russia's growing influence in the Middle East.

Saudi Arabia has agreed to invest $1bn in Russian energy projects, while Russian petrochemicals giant Sibur will build a plant in Saudi Arabia in a separate $1.1bn agreement.



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