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Leaders of Russia, Saudi Arabia hail OPEC+ work - Lavrov

Leaders of Russia, Saudi Arabia hail OPEC+ work - Lavrov”

Saudi Energy Minister Khalid al-Falih and other OPEC ministers have suggested prolonging the deal by months but not until the end of 2018.The participants are showing more confidence that the supply cuts, which began in January, are starting to erode a glut.

Falih said that Saudi Arabia wants to develop ties with Russian Federation further, particularly in the private sector.

Saudi King Salman is in Russian Federation on a state visit, the first to Moscow by a reigning Saudi monarch.

King Salman and Putin will also be discussing Iran, where both sides have a different take on its role, especially in Syria but also in Yemen, where Riyadh accuses Tehran of backing a Houthi insurgency against the legitimate government.

OPEC ministers attending the Moscow event said they were considering extending the deal or making a deeper cut.

The kingdom, much like Russian Federation, has been hit by the fall in oil prices since mid-2014.

On or hand, two countries continue to cooperate in efforts conducted by OPEC and non-OPEC countries for balancing of oil prices.

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Fitch forecasts global benchmark Brent crude to average $52.50 per barrel in the fourth quarter of this year and for next year, and $55 a barrel in 2019. "We are certain that the further strengthening of Russian-Saudi relations will have a positive impact on strengthening stability and security in the region and the world".

The leaders held one-on-one talks, followed by broader discussions. The Syrian civil war found the Saudis angry at Moscow over its support for Bashar al-Assad, but the poor showing by the Saudi-backed opposition may have persuaded Riyadh that he has won the battle to retain power.

Putin visited Riyadh in 2007. SLEW OF DEALS A package of investments announced during the visit will go some way to plugging the vacuum left by sluggish Western investment in Russian Federation that is, in part, a result of sanctions imposed after Moscow annexed Crimea in 2014.

Aramco is expected to sign several non-binding memoranda of understanding (MoUs) on Thursday with Russian companies Gazprom, Gazprom Neft, Sibur and Litasco, according to sources familiar with the matter.

"Our cooperation in the energy sphere is not confined to bilateral projects", Lavrov said.

The Saudi energy minister has said his country is open to all options. Furthermore, the two countries have signed a number of lucrative deals paving the way for the further development of the Russo-Saudi relationship.

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