Saudi Arabia signs key arms deals in Russian Federation visit

Moreover, the talks between the leaders of the two countries could contribute to the settlement of the Middle Eastern crisis, the expert argued.

According to AFP, Saudi Arabia's ministry of information called the visit by 81-year-old Salman "historic" as it would be the first official visit to Russian Federation by a Saudi monarch.

Relations between the two countries have often been strained. It was subsequently extended through March 2018.

Several investment deals are expected to be negotiated.

His Saudi counterpart, Adel al-Jubeir, said new horizons had opened for Russia-Saudi ties that he could not previously have imagined.

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Russian Energy Minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply. "Nuclear power may become one of the basic sources and an extra catalyst for the development of various industries and innovation technologies in Saudi Arabia", he added. The relations between the two countries will be strengthened in the fight against terrorism. Despite regional disagreements, the two major oil-producing nations found common ground on energy policy in November, when they led a deal between OPEC and non-OPEC states to cut production in a bid to shore up crude prices.

The kingdom, much like Russian Federation, has been hit by the fall in oil prices since mid-2014. It was about cementing a wider business relationship.

Russian Federation can still claim to be a world leader in the realm of defence, with over a fifth of all arms deals in 2016.

Putin said. "I think that all things change".

Saudi Arabia has agreed to buy Russian S-400 surface-to-air missile systems, Saudi-owned al-Arabiya television reported on Thursday.

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King Salman called Russian Federation a "friendly" country and told Putin that their talks will boost the global economy as well as help create worldwide stability and security.

"Russia realises that there can be no peace in Syria without some kind of mutual understanding with Saudi Arabia", Fyodor Lukyanov, who heads the Council on Foreign and Defence, a Kremlin advisory group, told The National.

With the increase in prices to above $50, producers have started hedging more heavily, said Johnson.

"We believe that the unreasonable expectations that shale will somehow spring up at certain prices and grow exponentially has been proven to be way unrealistic".

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