Russian Federation satisfied with current oil prices: Novak

Russian Federation satisfied with current oil prices: Novak

Russian Federation satisfied with current oil prices: Novak

Novak told reporters on the sidelines of the Russian Energy Week forum, where Anadolu Agency is media sponsor, that Moscow cut its oil production more than the agreed quota in the deal between OPEC and non-OPEC countries.

On Wednesday, King Salman bin Abdulaziz al-Saud of Saudi Arabia began his first-ever visit to Russian Federation which is set to last until October 7. It was subsequently extended through March 2018.

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.

"We strive to continue the positive cooperation between our countries to achieve stability on world oil markets which promotes the growth of the world's economy", Salman said in Moscow.

However, relations have begun to improve in recent years and King Salman's heir, Crown Prince Mohammed bin Salman, has held several meetings with Putin.

For years, the world's biggest oil producers have clashed over Middle East politics and battled for energy market share.

Russian President Vladimir Putin distanced himself from President Donald Trump on Wednesday, dismissing the USA president as a man he's met once but has no personal relationship with.

Among the expected agreements is the establishment of a $1 billion fund for technology investment, cooperation in water desalination and energy efficiency in air-conditioners, as well as Saudi investment into toll-free roads in Russian Federation. Mr Putin expressed hope that it would boost ties between the two countries.

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At present, they are behind Serbia by four points and have just a one-point lead over Republic of Ireland . Only the group winners are guaranteed a place at the World Cup in Russian Federation next year.

The conference concluded with speeches by the Saudi Minister of Trade, the Saudi and Russian Energy Ministers, and the President of the Russian Direct Fund.

Defense was another topic.

Riyadh's recent overtures toward Moscow underline a new diplomatic approach by Saudi Arabia toward regional and global issues, one that is rooted in pragmatism and realism.

As leader of Saudi Arabia, King Salman travels in rarefied air.

"There is some interest, of course", he said. We are looking at opportunities for working together with the different companies.

Both Israel and Saudi Arabia fear that with Russian acquiescence, Iran is building a corridor of territorial control through Iraq and Syria to its powerful proxy Hezbollah on Israel's border in South Lebanon.

At the same time, Riyadh, in common with Israel, will raise with Moscow its concern that these zones may guarantee a long-term presence for Iranian and Hezbollah troops inside Syria.

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