Putin, Saudi king discuss situation on oil market

Putin, Saudi king discuss situation on oil market

Putin, Saudi king discuss situation on oil market

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

The deals included preliminary agreements on the purchase of S-400 air-defense systems, Kornet antitank guided-missile systems, and multiple rocket launchers, according the state-owned Saudi Arabian Military Industries.

"Yes, we had a couple of phone conversations on various issues of mutual interest, including Syria", Putin said at the Russian Energy Week conference in Moscow.

She also expressed her gratitude to the Saudi foreign minister for his cooperation with Moscow, especially with his Russian counterpart Sergei Lavrov.

Another memorandum of understanding was signed under which Sibur, Russia's largest producer of petrochemicals, would explore cooperation with Saudi Arabia. On Wednesday Putin said an extension of the OPEC deal was possible and could last "at least to the end of 2018". That agreement, to March 2018, could be extended, President Putin told reporters yesterday.

Both Russia and Saudi Arabia rely heavily on oil revenues and were hit by the slump in world energy prices.

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Selman bin Abdulaziz, first king of Saudi Arabia to visit Russian Federation, arrived in Moscow yesterday for three-day formal talks.

Saudi Arabia's King Salman attends talks with Russian President Vladimir Putin, during their meeting at the Kremlin in Moscow, Russia, on Thursday, Oct. 5, 2017. In coming period, cooperation between two countries is expected to strengn in field of defence industry.

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

King Salam's delegation agreed joint investment deals worth billions of pounds providing a boost to the Russian economy after it was battered by low oil prices. "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 the agreement to cut oil production a year ago between OPEC and non-OPEC countries could be extended beyond March 2018 but an announcement was unlikely before the next OPEC meeting in Vienna at the end of November.

Salman, who landed at Moscow's Vnukovo airport around 1600GMT is expected to focus his three-day trip on energy and the Syrian conflict, reports suggest. The Riyadh Administration, which is converging on Russian Federation, aims to diversify its diplomatic relations and reduce dependence on United States, while key players in region develop strong partnerships with Turkey and Iran, a challenging process to conduct Moscow with Saudi Arabia Waiting.

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