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Oil rises as Saudia Arabia and Russian Federation discuss output cuts throughout 2018

06 October 2017

Saudi Arabia's King Salman walks past Russian honour guards during a welcoming ceremony upon his arrival at Vnukovo airport outside Moscow, Russia October 4, 2017.

Saudi Arabia started preparing for the visit of the 81-year-old monarch, who rarely travels outside his country, several years in advance.

"Saudi Arabia has recognised Russian Federation as a significant player in a region that is important to it", he told AFP.

On Thursday, Putin received the monarch in the gold-decorated St. Andrew Hall, one of the grandest spaces in the Kremlin, attended by soldiers in ceremonial dress and with an orchestra playing their countries' national anthems.

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As a result of the talks, the two countries may sign a number of documents to conclude landmark deals in the energy sector, infrastructure, high-tech and other sectors of the economy, which, as many experts acknowledge, will take the relationship between the world's two largest producers and exporters to the level of strategic partnership.

Saudi Aramco's IPO is expected to be the world's biggest ever offering, with the company valued at a minimum of about USD2 trillion. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

Reuters reported Russian Economy Minister Maxim Oreshkin saying that investors were interested in a nuclear energy plant that Saudi Arabia wants to build and Saudis would be offered investment opportunities including in shipping company Sovcomflot.

Russian analysts say that King Salman is seeking to diversify Saudi alliances because of uncertainty over Donald Trump's Middle East polices.

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

The S-400, touted as being able to hit targets at a distance of 400 kilometres, is the most advanced offer from Russian Federation. That marked a shift for the kingdom, which buys most of its military kit from the United States and Britain. They have become hostage to the domestic political situation in the U.S. Certain forces are using Russian-American relations to address internal political issues.

"I haven't decided whether I'm going to run at all".

"Today we see the market is in balance and we are seeing a return on investment in the industry", Novak said.

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Saudi Arabia's turn to Russian Federation comes after Turkey, a longtime backer of Syrian rebels, changed course and pooled efforts with Russian Federation and Iran to help broker de-escalation zones in Syria that helped reduce violence.

Oil rises as Saudia Arabia and Russian Federation discuss output cuts throughout 2018