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Putin says hasn't decided if he would run in 2018 election

05 October 2017

The defense cooperation between Russian Federation and Saudi Arabia are listed among the main topics of the talks in Moscow.

For years, the world's biggest oil producers have clashed over Middle East politics and battled for energy market share.

President Vladimir Putin hailed the visit by the 81-year-old king as a "momentous" event, reported Russian state news agency RIA Novosti.

With diplomatic alliances shifting across the Middle East, Moscow hopes that King Salman's historic four-day visit will show that Moscow can forge close alliances with all the key Middle East players, including Turkey, Iran and now Saudi, the Guardian reports.

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But oil was front and center.

"After the steep rally of recent weeks, it seems quite logical that the market runs into some resistance, triggering waves of profit-taking", said Hans van Cleef, senior energy economist at ABN Amro Bank NV in Amsterdam.

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 (EVs).

The agreements which were reached between Russian Federation and Saudi Arabia have helped oil markets to stabilise, Saudi Energy Minister Khalid al-Falih told an investment forum on Thursday. The group's current agreement expires at the end of next March, and as yet there's no decision on extending or deepening the cuts. "But on the whole, if speaking about a possible extension, this should be at least until the end of 2018".

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"The oil market is balancing step by step, Russian Federation is achieving its goals in agreement with OPEC". The parties meticulously discussed the agenda of the talks and took account of geopolitical factors. US light crude was up 10 cents at $50.08.

"Those who try to speak to North Korea from a position of strength only shore up the North Korean regime", Putin said.

"Both countries are looking to reap political and economic benefits during the visit", said Yury Barmin, an expert at the Russian International Affairs Council.

Saudi state oil firm Saudi Aramco signed a deal with Russian Direct Investment Fund (RDIF) and gas processing and petrochemicals company Sibur on joint projects in the area of oil refining.

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However, Southgate insists Kane has not been permanently awarded the captaincy and any decision over England's long-term captain is now on hold.

These agreements are "expected to play a pivotal role in the growth and development of the military and military systems industry in Saudi Arabia", Saudi Arabian Military Industries (SAMI) said.

Putin says hasn't decided if he would run in 2018 election