Russia, Saudi Arabia favor continuing oil output cut: minister

Laura Christensen
October 9, 2017

During the cold war, the Saudis helped arm Afghan rebels fighting against the Soviet invasion.

Russian Federation is not a member of the oil cartel Opec, but it has collaborated with Opec members on suppressing production to drive up oil prices.

He also said that that Riyadh is "eager to continue the positive cooperation between our nations in the world oil market".

Rallies numbering from a few dozen to a few hundred people were held in several cities in Russia's far east and Siberia.

The Saudi leader, who was in Moscow for a four-day trip, which included a meeting with Russian President Vladimir Putin, made quite the entrance upon arrival.

Ties between the two countries were often strained in the past.

Putin has reportedly accepted King's invitation to visit Saudi Arabia.

Shiite powerhouse Iran and Sunni-majority Saudi Arabia are regional foes.

Before the visit, Russian Foreign Minister Sergei Lavrov described the event as "an historical moment".

Salman's visit caps off a number of visits to Russian Federation over the past two years by Gulf royals, including by his heir and son.

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Slava Smolyaninov, a strategist at BCS, told New Europe the markets have been indifferent to the Saudi King's visit. More recently, tensions were high over the war in Syria. Reports suggest plush carpets were also brought in by Saudi officials to make the stay a comfortable one.

The success of the collaboration between the world's two largest oil exporters is clear, said Saudi Minister of Energy and Industry Khalid Al-Falih.

Putin described his talk with the Saudi king as very productive, according to comments carried by state media.

These contracts are "expected to play a pivotal role in the growth and development of the military and military systems industry in Saudi Arabia", the statement read.

Putin and Salman also discussed the conflict in Syria, where they support opposing sides.

Data showed USA output reached 9.56 million barrels per day in the final week of September, its highest level since July 2015.

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. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

"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 retreated", she said.

There has been no immediate US reaction to the growing ties between Riyadh and Moscow.

Other reports by My Hot News

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