Saudi King heads to Russian Federation to talk oil, Syria, Iran

Saudi King heads to Russian Federation to talk oil, Syria, Iran
Saudi King heads to Russian Federation to talk oil, Syria, Iran

09 October, 2017

The meeting was described as a "landmark event" by President Putin as it was the first visit to Russian Federation by a reigning Saudi Arabian monarch and was held despite differences between Riyadh and Moscow over the Syrian civil war.

Alexei Vasiliev, the honorary president of the Institute for African Studies of the Russian Academy of Sciences, member of the Scientific Council of the Russian International Affairs Council, in his turn, expressed the opinion that the development of relations meets the national interests of the both countries in the field of security and economy.

In addition, Putin looks like he's not about to give up the "co-pilot" role soon, Tran wrote, with Russian Federation signaling it might be willing to extend the agreement to the end of 2018.

Lavrov also said the two sides "signed a whole package of intergovernmental and interdepartmental agreements, and large-scale commercial contracts".

Saudi Aramco and Saudi Basic Industries Corp (SABIC) is expected to sign an MoU with Russia's biggest petrochemical firm Sibur to examine opportunities for building petrochemical plants in the two countries.

The two luxury hotels are thought to be the base for part of the Saudi leader's massive 1,500-strong staff, according to some media reports. We are looking at opportunities for working together with the different companies.

That would buffer drillers against losses if the price were to decline, which may spur more United States production - partially offsetting the OPEC-led deal to cut supply by about 1.8 million barrels per day (bpd). It was about cementing a wider business relationship.

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He pointed that the two sides have discussed the issue of terrorism and extremism, and the Palestinian cause and underscored the importance of finding a solution to it based on the pillars of global legitimacy, the Arab peace initiative which aims at establishing a Palestinian state on the 1967 parallel, with eastern Al-Quds as its capital.

The deal is a potential coup for Russian Federation.

If the uptake of EVs rose to one-third of new cars by 2040, as many industry analysts expect, up from just 1 percent now, that could "affect oil demand by around 9 million bpd", Barclays said.

Russian Federation may agree to extend the oil-supply agreement until the end of 2018, Putin said Wednesday, although he'll wait to make a decision nearer the expiry of the existing pact in March.

As for the arms deal, Saudi Arabia is buying the S-400 air defense system, the Kornet anti-tank guided missile systems and multiple rocket launchers. Saudi Arabia seeks to continue cooperation with Russian Federation for achievement of stability on global oil markets, 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".

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