Putin did not propose extending oil output cut deal

Putin did not propose extending oil output cut deal

In a sign of the improving relationship, Saudi Arabia signed preliminary agreements with Russian Federation to buy S-400 air defence systems, as well as anti-tank weapons and multiple-rocket launchers, the Saudi Arabian Military Industries said.

Saudi Arabia's Public Investment Fund (PIF) in cooperation with the Russian Direct Investment Fund (RDIF) is considering joint work on 25 investment projects in various areas, according to Russian Energy Minister Aleksandr Novak.

Putin admitted that he once met United States President Donald Trump, but said he has no personal ties with the US leader.

The foreign minister of the Kingdom of Saudi Arabia confirmed that the Kingdom supports the efforts of the UN envoy to Yemen to find a solution based on the GCC initiative, the Yemeni national dialogue outcomes and the UN Security council resolution 2216. "Today we alone as the Russian Direct Investment Fund announced deals worth Dollars 2.1 billion", said Kirill Dmitriyev, the head of the fund set up to attract investment.

He also stressed that cooperation between the two countries is not limited to the OPEC+ agreement.

Selman bin Abdulaziz, first king of Saudi Arabia to visit Russian Federation, arrived in Moscow yesterday for three-day formal talks.

In reply to the question about possible consequences from Turkey's warning that it could cut oil supplies from Iraqi Kurdistan in connection with the referendum, Putin said this "will tell on global energy markets, pushing the prices up".

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Russian Federation and Saudi Arabia on Thursday also announced major investments and joint ventures to further cement relations, with Putin and Salman signing deals from arms sales to cooperation in space.

Russian Federation and Saudi Arabia have been on opposing sides in the Syrian conflict, as Moscow supports the Assad regime, whereas Riyadh has openly supported the opposition.

Instead, relations between the two countries has sunk even deeper as further revelations have surfaced about Russia's meddling in the United States presidential election campaign.

"Yes, we had a couple of phone conversations on various issues of mutual interest, including Syria", Putin said.

Russian Federation is achieving its goals in the accord with OPEC and the oil market is rebalancing step by step, Novak said.

"What we did with OPEC, I believe, is beneficial for all the global economy", Putin said during an energy forum in Moscow.

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