Putin receives Saudi King Salman during historic visit
Oct 07, 2017, 01:01
But relations have been improving between the two nations with an energy pact forged past year when 24-oil exporting countries, including Saudi Arabia and Russian Federation - the two largest oil exporting nations - agreed to cut output to halt the downward drift of the oil price.
Saudi Arabia said it signed a memorandum of understanding on the purchase from Russian Federation of S-400 air defense systems.
The deal is expected to be signed off at a WTO meeting at the end of October.
It was a historic moment when the king of Saudi Arabia, Salman bin Abdulaziz arrived in Russian Federation with an entourage of 1500 people and a golden escalator that travels with him.
"I'm sure your visit will boost the ties between our countries", Putin added.
The meeting was attended by Minister of State and Cabinet member Dr. Musaed Bin Muhammad Al-Aiban; Minister of State and Cabinet member Dr. Ibrahim Bin Abdulaziz Al-Assaf; Minister of Commerce and Investment Dr. Majid Bin Abdullah Al-Qasabi; Minister of Foreign Affairs Adel Bin Ahmed Al-Jubeir; Minister of Culture and Information Dr. Awwad Bin Saleh Al-Awwad and Saudi Ambassador to Russia Abdulrahman Bin Ibrahim Al-Rassi.
According to Mercouris, Russia "is able to help the Saudis on questions like oil, like Syria, like future relations with the other countries in the region with which Saudi Arabia has so many difficulties".
This is also the first time in recent years, according to SIPRI, that Saudi Arabia has purchased weaponry from Moscow, as the USA is Riyadh's main source of arms. Moscow backs the Syrian regime, while Riyadh has supported the government's enemies.
"We are certain that further strengthening of relations will have a positive effect on strengthening stability and security in the world", his Saudi counterpart Jubeir stressed. US President Donald Trump stayed at the Ritz in Moscow during a trip in 2013 for the Miss Universe contest that he owned apart from former president Barack Obama.
At the core of Saudi Arabia's regional woes is its rival Iran, which is backed by Russian Federation.
Moscow attempts to "harmonize and approximate the differences among many factors and players;" so, "more and more Russian Federation is being trusted more than America", he noted. "But you shouldn't think it's forever".
OPEC members have joined with Russian Federation and other countries in cutting crude output in a pact that has helped prop up prices.
"As a major producer of oil, Saudi Arabia has been keen to stabilize the world oil market to balance the interests of consumers and producers, and open up prospects for investment in various energy sectors".
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.
This was the start of a four-day trip to Russian Federation for the King - the first ever official visit to the country by a Saudi monarch.
For his part, Putin highlighted the importance of the King's visit to Russian Federation and the talks made between the two sides, describing them as rich and trustworthy.
The Saudi foreign minister also uncovered that his country is working closely with Russian Federation on uniting Syria's opposition.
In her first reaction to the day's developments Theresa May said she has the "full support of her cabinet". Environment Secretary and one-time leadership contender Michael Gove, threw his weight behind May.
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King Salman will travel to Moscow Thursday, a trip marking the first visit of a Saudi reigning monarch to Russian Federation . While Russia and Saudi Arabia are now allies on the global oil market, they are on the opposite sides in the Syria conflict.
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The report says that the price increases are only happening in the USA and that the new rates will take effect in November. In the coming quarters, analysts will be focused on subscription numbers to see how much churn the price hike causes.
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