Saudi King to visit Russian Federation this week

Saudi King to visit Russian Federation this week

Saudi King to visit Russian Federation this week

In September, Saudi Arabia hosted Russian Foreign Minister Sergei Lavrov for the first official visit in years.

Saudi Arabia will allocate Russia $1 bln for joint energy projects, Russian Minister of Energy Alexander Novak said.

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.

The Saudi diplomat also said that the King's visit would have a great impact, not only on boosting mutual relations between both countries, but on the situation in the entire region. Several documents are expected to be signed during the meeting.

São Paulo - Saudi Arabia's economy registered a decline from April to June of this year for the second consecutive quarter, according to information published this weekend by the website Gulf Business, based on data from the General Authority for Statistics.

Vedomosti newspaper reported Wednesday that Saudi Arabia's sovereign fund is also eyeing investment into a toll road project in Moscow, which would be the first one for the capital. The country is the world's largest oil exporter, with the product accounting for the majority of the budget and exporting revenues. The meeting comes before next month's OPEC session that will review the cuts in crude production agreed-upon by petroleum-producing nations including Russian Federation and Saudi Arabia.

Oil prices have failed to see the gains hoped from those cuts, however, with US shale oil producers coming back online and demand still failing to keep up with supply.

Earlier, Russia invited Turkmenistan to join the OPEC oil output cut deal.

"We are not at the point where the oil price is safe", he warned.

The reductions will be on the same terms as those agreed in November.

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