Thursday, 22 August, 2019

Putin meets Saudi Prince after oil production cuts deal extension

Christy Curtis | 01 June, 2017, 00:55

Saudi Deputy Crown Prince Tuesday expressed Saudi Arabia's intention to keep good ties with Russian Federation after Moscow fumed over the red carpet welcome reserved to the United States during Trump's visit to Riyadh.

In November a year ago, Opec members, along with other major oil producers, such as Russian Federation, agreed to cut production by 1.8 million barrels per day for the first half of 2017.

Russian Federation sees new avenues for cooperation emerging with Saudi Arabia in sectors tied to oil and gas production and transportation, its energy minister said.

The two hydrocarbon producing giants have found common ground, however, in their cooperation on oil.

The latest visit was made by advisor to the Royal Court and General Supervisor of the King Salman Center for Humanitarian Aid and Relief (KSRelief), Dr. Abdullah bin Abdulaziz Al Rabeeah, who was in Moscow to further develop the Russian-Saudi cooperation, particularly in humanitarian relief and other issues of mutual interest.

"The most important thing is that we are succeeding in building a solid foundation to stabilize oil markets and energy prices", Prince Mohammed said.

Novak served last week as the co-chair of a multilateral meeting in Vienna that led to the nine-month extension of an agreement steered by the Organization of Petroleum Exporting Countries to sideline the equivalent of about 2 percent of the global oil demand in an effort to balance an oversupplied market.

But agreeing on Syria remains hard and neither Prince Salman nor Mr Putin offered any breakthroughs on Tuesday.

Prince Muhammad Bin Salman said both countries also expressed determination to have a clear mechanism to overcome disagreements.

"We support political contacts, contacts between defence ministries, we work together on sorting hard situation, including in Syria", Putin said.

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