Oil rises 2 pct as potential OPEC deal trumps United States exports

Friday, 06 Oct, 2017

The King of Saudi Arabia, Salman bin Abdul Aziz Al Saud, arrived in Moscow on September 4.

Putin visited Riyadh in 2007.

For first time in history, a Saudi king has made a formal visit to Russian Federation, with this visit, which coincides with Syrian crisis and a period of dispute over Iran's nuclear programme. "At any rate, it is not my cup of tea to define and assess policies of the United States president".

But will Iran, a U.S. and Saudi foe for reasons ranging from the country becoming a nuclear power threat, to claims it backs terrorism in many parts of the region, be part of the discussion mix?

Appealing to his supporters via his Facebook page, Navalny called on them to attend protests in both St. Petersburg and Moscow on Saturday, adding that 80 of his support groups were meanwhile organizing protests across Russian Federation. The latest visit will bolster the existing economic relations, according to Smirnov. Saudi Arabia is one of the biggest spenders in the world.

Saudi King Salman arrived in Moscow on Wednesday on the first ever visit by a Saudi monarch to Russian Federation.

However, Moscow's relations with Saudi Arabia were going through rocky roads after which tensions became high following different positions on the Syrian crisis.

Saudi Arabia's energy minister said that Russian Federation has helped to breathe new life into OPEC and that shale can be a major contributor to the market in years to come.

The deal between OPEC, led by Saudi Arabia, and several non-OPEC countries including Russian Federation, to curb supply has helped stabilize markets but has yet to boost prices enough to ease the pain for oil-dependent economies.

King Salman is expected to ask Russia's support and commitment to ensure that the production cuts deal continues, following Saudi Arabia's cut of its output to around 10 million barrels per day to help control a glut in world oil supplies.

Russian Federation showcased four of its 12 World Cup venues during this year's Confederations Cup, a two-week tournament that featured the home country, defending world champions Germany and the champions from FIFA's regional confederations.

In addition, Saudi Arabia is trying to build a closer relationship with President Trump and his administration, while the US has sanctioned Russian Federation over its involvement in the Ukraine crisis.

Mr Putin said on Thursday the Kremlin was open to extending a deal to cap production to the end of 2018.

"Today, the King of Saudi Arabia went to Moscow, and at the same time, the president of Turkey went to Tehran, to Iran". "I remember my previous visit to your country".