Putin and Saudi king turn the page on decades of tensions

Putin and Saudi king turn the page on decades of tensions

US shale oil coming to the market is not a concern, Saudi Energy Minister Khalid al-Falih said on Thursday, adding that demand will absorb it.

Saudi Arabia wants to establish an global center to fight terrorism under the aegis of the United Nations, Salman said.

Russian Federation will host its first visit by a Saudi monarch on Thursday, in an attempt to seal an alliance that would confirm Moscow as a major independent force in the Middle East capable of shaping worldwide oil prices and the outcome of regional conflicts such as those in Syria and Libya.

King Salman and Putin will also be discussing Iran, where both sides have a different take on its role, especially in Syria but also in Yemen, where Riyadh accuses Tehran of backing a Houthi insurgency against the legitimate government. Energy Minister Khalid al-Falih said Saudi Arabia was "flexible" regarding Moscow's suggestion to extend the pact until the end of next year.

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

US crude oil exports jumped to 1.98 million bpd last week, surpassing the 1.5 million bpd record set the previous week, the Energy Information Administration said.

Brent crude was up 35 cents at $56.15 a barrel by 1000 GMT.

Saudi Arabia's turn to Russian Federation comes after Turkey, a longtime backer of Syrian rebels, changed course and pooled efforts with Russian Federation and Iran to help broker de-escalation zones in Syria that helped reduce violence.




"We aim to strengthen our relations in the interests of peace and security, in the interests of developing the world economy", the Saudi king responded.

Saudi Arabia and Russian Federation have very little in common.

In line with Saudi Arabia's intention to localise weapons production, the deals envisage the transfer of technology for the local production of Russian Kornet-EM anti-tank missiles, TOS-1A rocket launchers and AGS-30 automatic grenade launchers and the latest version of the Kalashnikov assault rifle.

One of those was a memorandum of understanding signed on Thursday between Aramco and Russia's oil trading company Litasco.

The current agreement runs until March 2018.

"At present, RDIF (Russian Direct Investment Fund) and PIF (Public Investment Fund of Saudi Arabia) have invested more than $1 billion in joint projects (in Russia)".

The Saudi energy minister has said his country is open to all options.

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