Saudi king to make historic visit to Russian Federation

Saudi economy contracts in first two quarters of 2017

Saudi economy contracts in first two quarters of 2017

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.

Saudi Arabia Wednesday announced the consolidation of development funds under a unified body led by Crown Prince Mohammed bin Salman, cementing the powerful prince's position in the Gulf kingdom's affairs. While Saudi Arabia's total shipments rose in September from August's low for the year, deliveries to major Asia buyers China and South Korea slipped.

Russian Energy Minister Alexander Novak said he expected around 30 ministers from OPEC and non-OPEC producers to show up for a five-day conference in Moscow, which began Tuesday. While discussions are at an early stage, some framework accords could be signed during King Salman bin Abdulaziz's trip.

Saudi Arabia, the Arab world's largest economy and Opec's largest oil producer, is moving ahead full throttle.

Al-Rasi described the visit as important in its content and timing for being King Salman's first trip to Russian Federation in the historic and long-term relations between both countries.

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Saudi Arabia and Russian Federation made waves past year when they agreed (along with the rest of OPEC, albeit with some members more reluctant than others) to cut oil output by 1.8 million barrels a day in a bid to support and stabilize oil prices, which have declined since mid-2014 on the back of a glut in supply. It was subsequently extended through March 2018.

Rahul Prithiani, director at CRISIL Research, stated, "With high adherence by OPEC members to the output cut decision in recent months, the market is seen tightening".

Oil prices have partly recovered after major producers inside and outside OPEC, including Saudi Arabia, agreed a year ago to cut output by 1.8 million barrels per day to bolster global prices.

"We are not at the point where the oil price is safe", he warned.

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