Saudi king arrives in Russian Federation for first visit

Jerome Frank
October 5, 2017

Saudi Arabia and Russian Federation are heavily dependent on oil exports and the plunge of the price of crude that began in 2014 lashed both of their economies.

These major developments come at a time when Saudi Arabia is preparing to launch the Future Investment Initiative (FII), which is a pioneering new global investment event that will connect the world's most powerful investors, business and intellectual leaders and public officials with groundbreaking innovations that are defining the future. "Saudi Arabia's King Salman has issued a historic royal decree granting driving licenses for women in the kingdom", the Saudiowned Al Arabiya news channel reported.

Moreover, Russia's Energy Minister Alexander Novak has said that Libya is also expected to join the OPEC deal.

King Salman is planning "unprecedented" oil and gas deals, cementing closer ties between the two energy giants, including investments in the proposed Novatek/Total Arctic LNG II project and in Russian contractor Eurasia Drilling, Bloomberg reports.

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Leaders of the oil industry and energy ministers are heading to Russian Federation this week for a meeting between OPEC and non-OPEC members, with all eyes on whether an extension to a deal restricting oil exports will be extended.

Regarding Syria, this joint problem of many countries, a Kremlin adviser believes that King Salman's visit is related to the losses pro-Saudi opposition groups suffered in the Syrian war. It was subsequently extended through March 2018.

Economy declined 2.3% from April to June over the years first three months, impacted by the budget cuts done due to oils lower prices.

A thaw between Moscow and Riyadh helped reach a landmark oil deal in November in which the Organization of the Petroleum Exporting Countries (OPEC) and 10 other oil-producing countries, including Russian Federation, agreed to cut their production in a bid to push up oil prices. "With the rise in prices, we expect the U.S.to continue pumping higher output, thus impacting market rebalancing".

Other reports by Guamnewswatch

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