Fresh Start: Saudi Arabia Turns to Russia Seeking to Diversify Foreign Relations

Fresh Start: Saudi Arabia Turns to Russia Seeking to Diversify Foreign Relations

Fresh Start: Saudi Arabia Turns to Russia Seeking to Diversify Foreign Relations

While the U.S. has remained Saudi Arabia's top weapons supplier and its most critical Western ally, Thursday's deals highlighted Riyadh's intention to expand ties with Russian Federation.

The Dubai-based television channel also said that Saudi Arabia had signed a memorandum of understanding to help the kingdom in its efforts to develop its own military industries.

Saudi Arabia's King Salman arrived in Moscow on Wednesday, the first official visit to Russian Federation by a ruler of the conservative kingdom.

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

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Light crude oil is traded at a price below Dollars 50 a barrel for the first time in two weeks, as reported strong United States exports are raising concerns for global overcapacity, Bloomberg reported.

That came after the Energy Information Administration (EIA) said late on Wednesday that US crude oil exports jumped to 1.98 million bpd last week, surpassing the 1.5 million bpd record set the previous week. Brent crude oil futures were up 0.3 percent at $55.95 a barrel.

Russia, like Iran, is also a key partner of the Syrian government of President Bashar al-Assad, who Saudi Arabia has opposed.

Saudi Arabia and Russian Federation have very little in common.

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Burr said the committee had interviewed seven people about that meeting, and that "the testimony of all seven were consistent with each other".

The two leaders discussed oil during their "historic" meeting.

Both Falih and Nasser are part of an official Saudi visit to Moscow. "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". Among the deals was an agreement between Russian sovereign wealth fund RDIF and Saudi Arabia's Public Investment Fund to invest up to $100 million in transport projects in Russia.

Saudi Arabia is now investing over $1 billion in over 20 Russian projects including the construction of a petrochemical complex and Pulkovo Airport in St Petersburg, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said.

"Work is ongoing to list Saudi Aramco in 2018", Aramco's Chief Executive Amin Nasser said at an energy forum in Moscow.

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