OPEC Pushes Russia to Continue Helping on Oil Prices
- Author: Regina Holmes Oct 07, 2017,
Oct 07, 2017, 0:32
The Saudi king's visit to Moscow will contribute to the development of bilateral ties, Russian President Vladimir Putin said Thursday.
Cooperation between Saudi Arabia and Russian Federation has "breathed life back into OPEC" and made the country more optimistic about the outlook for oil than it has been for several years, said the kingdom's energy minister.
On Wednesday, Putin, during the Russian Energy Week, said that he would discuss with the Saudi monarch the possible prolonging of the agreement for reduction of oil production among the member and non-member countries of the OPEC.
"It was a very meaningful conversation, substantive and very confidential", Putin said afterwards, calling the visit a "landmark event" which will enhance relations between Moscow and Riyadh.
"I'm sure your visit will boost the ties between our countries", he said.
King Salman, on his part, said he was happy to visit Russian Federation and expressed his willingness in strengthening relations in matters of peace and security and his interest in the development of the global economy.
In Russia, King Salman also called on Iran to "stop interference in the region's affairs and destabilizing the region", stressing that the security and stability of the Gulf region and the Middle East are an absolute necessity for achieving worldwide security and stability.
"This would demand that Iran give up interference with the internal affairs of the region, to give up actions destabilising the situation in this region".
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Oil prices rose more than 2 percent on Thursday as signs Saudi Arabia and Russian Federation would limit production through next year outweighed record US exports and the return of production at a major Libyan oilfield.
Russian state media hailed King Salman's visit as evidence that Russia's backing for Mr Al Assad had made Mr Putin "master of the Middle East".
Speaking through an interpreter, he added. Needless to say that as soon as this partnership is activated economically, commercially, and militarily Moscow will have to balance its complicated relationship with Iran. The two countries have targeted each other with diplomatic sanctions after America toughened sanctions on Russian Federation for alleged interference in last year's US presidential election. During the cold war, the Saudis helped arm Afghan rebels fighting against the Soviet invasion.
However, Moscow's relations with Saudi Arabia were going through rocky roads after which tensions became high following different positions on the Syrian crisis.
Putin has said that Moscow is aware of Iran's and Saudi Arabia's concerns over the settlement in Syria and is determined to seek compromise.
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The leaders of the world's largest energy exporters also discussed the OPEC agreement to cap oil output.
So far, that deal is holding.