Saudi Arabia invests $1bn

Reuters

Saudi Arabia is investing $1 billion in the construction of a petrochemical complex, Pulkovo Airport and 20 more Russian projects, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said. "It has breathed back life into OPEC which found itself, quite frankly, unable to swing its production as supply was persistently high in 2014 and global inventories were steadily rising ahead of demand", Saudi Arabia Energy Minister Khalid Al-Falih told CNBC on Thursday.

Oil traded near $50/bbl in NY as traders weighed a flood of USA crude exports against the possibility of extended production cuts by OPEC and Russian Federation.

Though a rally in September helped propel oil into a bull market, prices have slipped back amid concern the market remains oversupplied despite cutbacks by OPEC and its allies including Russian Federation.

Oil prices rose on Thursday on signs that Saudi Arabia and Russian Federation would limit production throughout next year outweighed record United States exports and the return of production at a major Libyan oil field.

Russia's Kommersant business daily reported Putin and Salman were also due to discuss an arms deal worth more than $3 billion, to supply Riyadh with S-400 air defence systems.

With 60 percent of Russia's budget revenues from oil imports, the kingdom is aware that Moscow prioritizes a sort of coordination and agreement with Riyadh on oil prices and production. Falih said in July that an extension of the agreement would most likely be needed into the second quarter of 2018 as a minimum. The Saudi king will stay in Moscow till October 7.

Russian Federation is set to host the World Cup from June 14-July 15 in 12 venues spread across 11 cities including Moscow, St Petersburg, Kazan and Sochi.

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"Work is ongoing to list Saudi Aramco in 2018", Aramco's Chief Executive Amin Nasser said at an energy forum in Moscow.

Saudi Arabia is a close US ally and does not have a history of warm relations with Russian Federation.

Both sides are involved in the conflict, but on opposing sides.

The visit of Saudi Arabia's King Salman to Russian Federation this week shows the high degree of mutual trust between Russian Federation and Saudi Arabia, Falih said.

Jubeir said that the countries "closely cooperate. on uniting the Syrian opposition and broadening its framework, in order to start the political process" at Geneva peace talks.

"Moscow has been entertaining the idea of selling its weapons to Saudi Arabia but it seems that Riyadh is not ready to go that far", Barmin told CNNMoney.

Saudi Foreign Affairs Minister Adel al-Jubeir said after talks with Valentina Matviyenko, chairman of the State Duma, that King Salman and Putin would sign a package of bilateral agreements of great importance.

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