Have no personal ties with Trump: Putin

Have no personal ties with Trump: Putin

Have no personal ties with Trump: Putin

For years, the world's biggest oil producers have clashed over Middle East politics and battled for energy market share.

As part of a 3-day visit, King Selman will meet with Russian President Vladimir Putin and Prime Minister Dmitry Medvedev.

According to Novak, for the first time a substantial delegation from Saudi Arabia, including about 200 representatives and 85 CEOs of large companies has come to Russian Federation.

But oil was front and center. The work on the agreement opened new opportunities for Russian Federation and Saudi Arabia in the field of economic cooperation.

With Russia's 100 percent commitment to the oil cut deal, and through a team effort, the oil industry can recover and the market can be made secure, he said.

"We strive to continue the positive cooperation between our countries to achieve stability on world oil markets which promotes the growth of the world's economy", Salman said in Moscow.

The announcement of the Saudi investment comes as the Saudi Minister of Energy and Industry, Khalid Al-Falih, claimed that the cooperation between the Kingdom and Russian Federation has "breathed life back into [Organisation of Petroleum Exporting Countries] OPEC", which would help raise the price of oil for the benefit of both countries. "But in general, speaking about a potential extension, it should last at least to the end of 2018". The parties meticulously discussed the agenda of the talks and took account of geopolitical factors. On the political front, there was no sign of any substantial breakthrough on the issues that have long divided Moscow and Riyadh, including the fact that they back rival sides in Syria's war. And Russia is close to Iran, a fierce adversary of Saudi Arabia despite their status as OPEC members.

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The dramatic improvement in relations between Russian Federation and Saudi Arabia comes even though both countries support different sides in the six-year war in Syria.

Assessing the results of the Thursday talks, King Salman bin Abdulaziz al-Saud emphasized that the outlook of Moscow and Riyadh on many regional and worldwide problems coincide. SLEW OF DEALS A package of investments announced during the visit will go some way to plugging the vacuum left by sluggish Western investment in Russian Federation that is, in part, a result of sanctions imposed after Moscow annexed Crimea in 2014.

Furthermore, according to the signed document the two parties could collaborate on the production of equipment for oil and gas field development, by localising production either in Russian Federation or Saudi Arabia.

Several investment agreements will be signed during King Salman's trip and plans for a US$1-billion fund to invest in energy projects are likely to be finalised.

"Work is ongoing to list Saudi Aramco in 2018", Aramco's Chief Executive Amin Nasser said at an energy forum in Moscow.

Defense was another topic.

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