Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud stressed Thursday the importance of bilateral cooperation between his country and Russia during a historic summit with Russian President Vladimir Putin at the Kremlin Palace in Moscow.
The two also diverge on Yemen, where a Saudi-led coalition military intervention in the country has killed more than 10,000 people since 2015, drawing criticism from Moscow and the global community. During the cold war, the Saudis helped arm Afghan rebels fighting against the Soviet invasion. Russian Federation and Iran have staunchly backed Syrian President Assad while Saudi Arabia has supported the Sunni rebels fighting to oust him.
Saudi Arabia and Russian Federation helped secure the deal between Opec and 10 rival suppliers to cut output until the end of March next year in an effort to reduce a glut.
Alexey Gremov, director of the Energy Department at the Institute for Energy and Finance, described the Saudi King's visit to Russia as a "very important event", stressing that discussions over oil-related issues between Russian and OPEC countries came following several visits by Saudi Energy Minister Khalid al-Falih.More news: TransCanada Cancels Energy East Oilsands Pipeline
"We have more than 100% average compliance", Zanganeh told reporters on Wednesday ahead of the Gas Exporting Countries Forum ministerial meeting in Moscow, Platts reported.
"Is there anything in the world that stays unchanged?"
Both Russia and Saudi Arabia rely heavily on oil revenues and were hit by the slump in world energy prices. The agreement was due to expire in March 2018.More news: All Flights Canceled as UK's Monarch Air Placed Under Administration
According to the Russian minister, the Russia-Saudi Arabia intergovernmental commission will meet in late October in Riyadh for the fifth time.
The Saudi King gave a positive assessment of the Astana process on settling the Syria conflict, Russian Foreign Minister Sergei Lavrov said, adding that Russia supports Saudi efforts to unite Syria's opposition so they can take part in the peace talks.
That is the contention of Helima Croft, global head of commodity strategy for RBC Capital Markets, who said in a research note that president Vladimir Putin is advancing his interests in the oil market by putting his country in the midst of geopolitical tension gripping oil-producing nations such as Venezuela, Iran, and Iraq.
Salman said at the talks in Moscow that Saudi Arabia calls for a political solution in Syria that "guarantees security and stability and the preservation of Syrian sovereignty".More news: Google just revealed a $49 answer to Amazon's Echo Dot