Saudi-Russian Summit Opens Door for Partnership… Agreements Worth Several Billion Dollars

Saudi-Russian Summit Opens Door for Partnership… Agreements Worth Several Billion Dollars

Saudi-Russian Summit Opens Door for Partnership… Agreements Worth Several Billion Dollars

Addressing regional affairs, King Salman told Putin that Iran must stop meddling in Middle Eastern conflicts.

He also stressed that cooperation between the two countries is not limited to the OPEC+ agreement.

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.

Instead, relations between the two countries has sunk even deeper as further revelations have surfaced about Russia's meddling in the United States presidential election campaign.

The OPEC deal was aimed at reducing a global oil glut that had seen crude prices plummet from over 100 dollars a barrel in 2014 to a 13-year low of under 30 dollars last year.

Saudi Arabia will allocate Russia $1 bln for joint energy projects, Russian Minister of Energy Alexander Novak said.

"We have zero personal relationship", Putin said Wednesday at the Russian Energy Week conference in Moscow, according to Bloomberg Politics.

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"Is there anything in the world that stays unchanged?"

We had a certain reduction in trade between both nations, but I think that it was partly due to subjective reasons, Putin said.

"Relations between Russian Federation and Saudi Arabia have reached a historical moment", said Jubeir, speaking through an interpreter.

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.

Prince Mohammed's visit was reflected in the country's success to overcome the Syrian crisis.

The president stressed that Russian Federation is perfectly aware of the concerns of regional countries, including Iran, Turkey and Saudi Arabia.

The King concluded his speech by officially inviting the Russian president to visit the Kingdom and to continue consultations towards the issues of common interest and enhance bilateral cooperation between the two countries in all fields. US light crude was up 10 cents at $50.08. The Russian president said threats like Trump's warning last month in NY that the USA would "totally destroy" the isolated Communist state if it strikes at it is leading to a "very risky dead end". But on Syria, the two countries remain divided with Washington's focus on fighting ISIS the Islamic State group, not on ousting Assad.

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