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Saudi Arabia is flexible on oil cuts pact, all options open - Falih

Saudi Arabia is flexible on oil cuts pact, all options open - Falih”

Russian Federation and Saudi Arabia are heavily dependent on oil exports and the global plunge of the price of crude that began in 2014 lashed both their economies.

"We have already established eight research centres around the world that complement our main research facilities in Saudi Arabia", Nasser said at a panel discussion at the Saudi-Russian Business Investment Forum in Moscow on the sidelines of Saudi royal's visit to Russia.

Saudi Arabia's King Salman bin Abdulaziz Al Saud gets off the plane upon his arrival at Moscow's Vnukovo Airport on October 4, 2017.

King Salman reviews an honour guard.

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Oil prices steadied on Thursday on expectations that Saudi Arabia and Russian Federation would extend production cuts, although record USA exports and the return of supply from a Libyan oilfield dragged on the market.

Under the agreement, Saudi Arabia is set to buy S-400 air defence systems, Kornet anti-tank guided missile systems and multiple rocket launchers.

While they are partners on the oil market, on the foreign policy front, Moscow and Riyadh land on opposite sides of the Syrian conflict, with Russian Federation supporting the regime of Bashar al-Assad while Saudi Arabia supports his opposition. It's also a recognition by Riyadh of the changing political balance in the Middle East after Putin successfully countered indecisive US efforts to topple Syrian leader Bashar al-Assad.

Much of the new activism is being driven by the king's modernising and ambitious son, Crown Prince Mohammed Ibn Salman, the de facto orchestrator of Saudi's high-risk foreign policy, including the military intervention in Yemen, and the trade boycott of Qatar, its onetime partner in the Gulf Co-operation Council.

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Salman and Russian President Vladimir Putin were slated to talk about global oil market and the war in Syria, the latter of which has been a source of tension between the two nations in recent years.

Meanwhile, Aramco's chief executive officer Amin H Nasser said there is more scope for Saudi Arabian and Russian companies to cooperate in creating a sustainable energy future through business and operational initiatives driven by technology, research and innovation. All sides need to "lower the rhetoric", Putin said. Syrian opposition groups are due to meet in Riyadh this month in an attempt to iron out their differences.

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

The leaders of the world's largest energy exporters discussed an extension of an OPEC agreement to cap oil output and oversaw the signing of deals which officials said were worth billions of dollars. That agreement, to March 2018, could be extended, President Putin told reporters yesterday. Oil rose after Mr Putin's statement. The king's 1,000-strong delegation took up all the rooms in the five star hotels around the Kremlin, state media reported. He recently hosted Ahmed Maiteeq, the deputy Libyan prime minister in Grozny, the Chechen capital.

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