KSA and Russian Federation to bolster cooperation through $1bn-fund for energy

05 October, 2017, 00:46 | Author: Malcolm Fuller
  • A two-litre carton of British milk sells for £5 in Qatar

Saudi Arabia's ministry of information called the visit by 81-year-old Salman "historic" as it would be the first official visit to Russian Federation by a Saudi monarch.

Auto manufacturers -including Nissan, Chevrolet or Ford - were quick to "congratulate" Saudi women and their "welcome" in their universe, while saudi Arabia could count millions of new motorists in the coming years.

King Salman and Vladimir Putin are also likely to discuss the progress of the OPEC/non-OPEC oil production cut deal and a possible extension that is looking increasingly likely.

Saudi Arabia's King Salman arrived in Moscow on Wednesday, the first official visit to Russian Federation by a ruler of the Sunni state.

However, relations have begun to improve in recent years and King Salman's heir, Crown Prince Mohammed bin Salman, has held several meetings with Putin. Aramco said in a statement earlier this week that it expects to sign a number of preliminary business agreements with Russian businesses in oil and gas, petrochemicals, renewable energy, and advanced materials and technologies.

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Saudi Arabia, the Arab world's largest economy and Opec's largest oil producer, is moving ahead full throttle.

"We are awaiting the king's visit on Thursday", senior Kremlin aide Yury Ushakov was quoted by Russia's TASS news agency as saying on Monday, without elaborating.

Data from commodity pricing group S&P Global Platts show total Russian oil production for August was down 337,000 barrels per day from the 11.24 million barrels per day in October, the month that OPEC uses to gauge compliance.

Oil prices have failed to see the gains hoped from those cuts, however, with USA shale oil producers coming back online and demand still failing to keep up with supply. But as authorities seek to reduce the kingdom's reliance on oil, they're also leading efforts among OPEC members and some other major producers to bolster prices by cutting output. "With the rise in prices, we expect the U.S.to continue pumping higher output, thus impacting market rebalancing".

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