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Putin Hosts Saudi King to Talk About Oil, Syria

Putin Hosts Saudi King to Talk About Oil, Syria

Members of Saudi delegation walk in front of the Boeing 747 that Saudi King's Salman bin Abdulaziz Al Saud arrived with, in Moscow's Vnukovo II airport in Moscow, Russia on October 4, 2017.

Indeed, Michael Tran, commodities strategist at RBC Capital Markets, said in a note that coordination on oil policy is perhaps the "biggest deliverable" to result from the relationship, "with Russian Federation abandoning its longstanding aversion to cooperating with OPEC and essentially assuming the role of de facto co-president this year".

He reviewed the areas of joint investments in all fields, stressing his country's keenness to develop trade and investment cooperation with the Kingdom of Saudi Arabia.

Saudi Arabia has traditionally purchased defense equipment from the United States.

General Director of the Russian Direct Investment Fund, Kirill Dmitriev, delivered a speech in which he thanked King Salman for his continued support sustaining relations and cooperation between Saudi and Russian businessmen according to the Kingdom's Vision 2030. He said the two states would shortly unveil a Saudi investment in Russian toll roads, illustrating their joint interest in infrastructure projects.

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.

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

Saudi Arabia signed preliminary agreements to buy Russia's S-400 air defence systems and anti-tank guided missile systems and receive "cutting edge technologies", said the Sunni state's military firm, Saudi Arabian Military Industries.

Salman said at the talks in Moscow that Saudi Arabia calls for a political solution in Syria that "guarantees security and stability and the preservation of Syrian sovereignty". The agreement is considered to be a major move for Moscow's search for new markets for its defence industry.

"We welcome the contributions of shale as demand approaches 100 million barrels (per day) next year and continues rising", he said.

With the increase in prices to above $50, producers have started hedging more heavily, said Johnson.

He said: "We believe unreasonable expectations that shale will somehow spring up at certain prices and grow exponentially have been proven to be way unrealistic".

LONDON: King Salman and Russian President Vladimir Putin on Thursday agreed deals worth billions of dollars to strengthen energy, defense and business ties.

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