Saudi says "flexible" on Russian idea to extend oil cuts to end

Vladimir Putin right and Saudi King Salman listen to national anthems during their meeting in the Kremlin

Vladimir Putin right and Saudi King Salman listen to national anthems during their meeting in the Kremlin

"This is the first visit by a Saudi Arabian monarch in the history of our relations and that in itself is a landmark event", Putin said as he welcomed King Salman to Moscow in an ornate gilded Kremlin hall.

Salman and his retinue looked on in confusion for several moments, before the 81-year-old king began to descend the staircase step by step.

Saudi Arabia's King Salman arrives in Russian Federation. Signatories to the document were Alexander Dyukov, CEO of Gazprom Neft, and Amin H. Nasser, President and CEO, Saudi Aramco.

Following the meeting, the two countries launched a joint energy investment fund worth $1 billion.

The parties discussed the potential of investment cooperation, in particular, in the oil and gas sector.

Prince Mohammad has said the IPO, which could be the world's biggest, will value Aramco at a minimum of US$2 trillion and could raise as much as US$100 billion.

Iran and Saudi Arabia have supported opposing sides in ongoing conflicts in Syria and Yemen.

Under the agreements, Saudi Arabia is set to buy S-400 air defence systems, Kornet anti-tank guided missile systems and multiple rocket launchers.

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In a sign of the improving relationship, Saudi Arabia signed preliminary agreements with Russian Federation to buy S-400 air defence systems, as well as anti-tank weapons and multiple-rocket launchers, the Saudi Arabian Military Industries said.

RDIF head Kirill Dmitriev said his fund was interested in partnering with Saudi investors to acquire a minority stake in Russian oilfield services firm Eurasia Drilling.

The move by OPEC and non-OPEC producers to balance the market is working, but the work is not yet finished, Saudi Arabia's oil minister said from Moscow.

The current talks in Moscow will determine the fate of the package of arms contracts, including the delivery of S-400 Triumf anti-aircraft missile systems to Riyadh.

West Texas Intermediate for November delivery rose 21 cents to $50.19 a barrel as of 10:13 a.m. London time. "I don't see our relationships with any of the major countries changing", Nauert responded.

"Whether we will extend these agreements or not will depend on the situation in the world market", he said.

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. The sanctions that the West and the United States of America imposed on the Russian oil and gas industry may become a serious problem for Saudi companies that wish to invest in Russian projects.

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