Oil Rises 2 Percent, Boosted By Potential OPEC Deal

Posted October 07, 2017

King Salman of Saudi Arabia will arrive in Russian Federation this week to conduct the first official visit to the country by a Saudi king, a senior Kremlin aide said Monday.

Novak said the two countries' business circles maintain intensive dialogue, and he pointed out that the Saudi delegation to Moscow included 85 chief executives of major Saudi companies. During Cold War times, the Saudis helped arm Afghan rebels fighting against the Soviet invasion.

While Russia and Saudi Arabia are partners on the oil market, they are at loggerheads on Syria, where Moscow supports President Bashar al-Assad and Riyadh backs the opposition.

He also drew the attention that the Saudi Russian relations are now witnessing an historic point as they have become institutional ties including numerous ministries and sectors, noting the investments launched and their role in enhancing trade between the two countries.

On Wednesday, Mr Putin said a global deal to cut oil production in order to raise prices could be extended to the end of next year.

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Following the meeting in the Russian capital, the two countries launched a joint energy investment fund worth $1 billion, while Saudi state oil firm Aramco penned preliminary agreements on oil refining with the Russian Direct Investment Fund (RDIF) and Russian resources group Sibur. "What we did with OPEC, I believe, is beneficial for all the global economy", Putin said during an energy forum in Moscow.

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

OPEC members have joined with Russian Federation and other countries in cutting crude output in a pact that has helped prop up prices.

The move by OPEC and non-OPEC producers to balance the market is working, but the work is not yet finished, Saudi Arabia's oil minister said from Moscow.

Saudi-U.S. ties grew strained under the Obama administration over its backing of a nuclear agreement with Iran and its cautious stance on the Syrian conflict.

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"Some forces are making use of Russian-American relations to resolve internal political problems in the United States", he said.

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

"That said, it's clear that Russian Federation has been able to play a weak hand very well and step into vacuums everywhere where the US has treated", Borshchevskaya said.

Tensions have steadily risen between the USA and Russian Federation even since Trump took office early this year.

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