Russian Federation satisfied with current oil prices: Novak

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

Russian Federation and Saudi Arabia have clinched a number of lucrative deals as King Salman paid the first official visit to Russian Federation by a Saudi monarch. The deal has been extended to March 1 2018 and is aimed at reducing the global oil surplus that had led to crude oil falling to a 13-year low of under $30 a barrel last year.

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.

Beyond short-term market drivers, analysts at Barclays bank said oil demand could be seriously dented by improving fuel-efficiency and the rise of electric vehicles (EV).

The occasion is the first time a Saudi King has visited Russian Federation.

The minister is optimistic about the potential rebalancing of the oil market and added that prices would be determined by the market.

Salman will meet President Vladimir Putin on Thursday and they are expected to discuss extending oil production cuts ahead of the OPEC oil cartel meeting in November.

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"Moscow has been entertaining the idea of selling its weapons to Saudi Arabia but it seems that Riyadh is not ready to go that far", Barmin told CNNMoney. Saudi Arabia is one of the biggest spenders in the world.

With help also from rising demand, oil last week reached nearly $60 a barrel, its highest in more than two years.

OPEC Secretary General Mohammad Sanusi Barkindo told those gathered at a regional energy conference in Singapore last week that, at least in terms of growth expectations for demand in the Asia-Pacific, exports from Middle East producers are on pace to rise.

Any move would also require the support of OPECĀ“s de facto leader Saudi Arabia. "Talks on S-400 are in progress, but there are no final decisions yet", Tass quoted Russian Deputy Prime Minister Dmitry Rogozin as saying.

"The stakes are as high for Moscow as for Riyadh".

While Riyadh's ties with Washington remain solid, the new Saudi-Russian entente will be essential in bringing stability to a region in turmoil.


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