Putin did not propose extending oil output cut deal

Putin did not propose extending oil output cut deal

Putin did not propose extending oil output cut deal

The first session of the Russia-Saudi Arabia defense industry cooperation commission will take place before the end of year, Russian Foreign Minister Sergey Lavrov said.

King Salman's visit to Russian Federation has been widely interpreted as a sign of Russia's growing influence in the Middle East.

Another memorandum of understanding was signed under which Sibur, Russia's largest producer of petrochemicals, would explore cooperation with Saudi Arabia.

"I can not predict what will happen but it seems that all OPEC countries are eager to stabilize the situation for the benefit of the market", Zanganeh said.

"When we decide on whether to extend or not, we will decide on the time frame; but on the whole, if speaking about a possible extension, this should be at least until the end of 2018".

Al-Jubeir said that the two sides are keen to upgrade the trade exchanges, intensify the political consultation and security cooperation between the two countries to confront terror and extremism, confirming that the Kingdom and Russian Federation observe the principles of preserving the sovereignty of countries, respecting the worldwide law and non-interfering in the affairs of other countries.


He added that the two leaders had agreed on the importance of fighting "terror", of finding peaceful solutions to conflicts in the Middle East and on the principle of territorial integrity.

Russia's success means the diplomatic energy in Syria has shifted towards the joint Russian-Turkish-Iranian formation of four de-escalation zones in Syria, a process that Saudi now pragmatically has been forced to support.

Russian President Vladimir Putin said on Wednesday that he has not decided on whether he would run for presidency again in 2018.

"The two have been coordinating their efforts to cap oil outputs and therefore boost the price of energy, but of course there is the changing political structure of the Middle East too", he said. An oversupplied market a year ago, brought on by USA oil production and OPEC members working to defend market shares with more output, helped pushed the price of oil below $30 per barrel.

Heading a high-ranking delegation Saudi King Salman bin Abdulaziz Al Saud is on an official trip to Moscow.

The Saudi foreign minister also uncovered that his country is working closely with Russian Federation on uniting Syria's opposition.

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