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Saudi King Salman arrives in Russian Federation for first visit

05 Octobre 2017

On Wednesday, King Salman bin Abdulaziz al-Saud of Saudi Arabia began his first-ever visit to Russian Federation which is set to last until October 7.

King Salman is expected to ask Russia's support and commitment to ensure that the production cuts deal continues, following Saudi Arabia's cut of its output to around 10 million barrels per day to help control a glut in world oil supplies.

Higher U.S. oil exports also dampened market sentiment. Salman emphasized during Thursday's talks that Iran must "stop meddling in internal affairs of the countries of the region and halt its activities to destabilize the situation in the region".

Salman added that he wants to see the creation of an global centre to fight terrorism under the aegis of the United Nations, and that he wants to see an independent Palestinian state with its capital in East Jerusalem.

"Not only have I not decided who I will run against, I have not decided whether I will run at all", Putin said during an worldwide energy conference in Moscow, when asked whom he would run against in the March 18 election.

Saudi Arabia made no firm pledge on Thursday to extend a deal between OPEC, Russia and other producers on cutting supplies but said it was "flexible" regarding Moscow's suggestion to prolong the pact until the end of 2018.

OPEC and its partners, including Russian Federation, need to extend their oil-production cuts for at least three more months to keep crude prices at current levels, according to UBS Group AG.

U.S. stock market opens with records
Wall Street is digesting this morning's strong jobless claims data, which could bode well for tomorrow's nonfarm payrolls report. Declining issues outnumbered advancing ones on the NYSE by a 1.05-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored decliners.

Russian Federation is not a member of the oil cartel Opec, but it has collaborated with Opec members on suppressing production to drive up oil prices.

Mr Putin told an energy forum in Moscow today that he had serious doubts about the military efficacy of such a move, as well as other political and moral concerns.

The presidential election campaign will be officially announced by the government sometime in late November or early December, at which point he will announce whether he would seek another six-year term, Putin said.

Salman, who landed at Moscow's Vnukovo airport around 1600GMT is expected to focus his three-day trip on energy and the Syrian conflict, reports suggest.

Salman arrived with a delegation of more than 1,000 people, reported Kommersant business daily.

On Wednesday, Russian energy minister Alexander Novak told TASS news agency that Saudi Arabia is investing $1 billion into energy projects in Russia though he did not give details or specify if these deals would be signed during the visit. The Saudi leader, who arrived for the four-day state visit late Wednesday, called Russian Federation a "friendly" country and told Putin that their talks will boost the global economy as well as aid worldwide stability and security.

Chechen President Ramzan Kadyrov welcomed King Salman's visit, posting on his Instagram account: "Welcome to Russian Federation".

Saudi King Salman arrives in Russian Federation for first visit