Putin does not exclude extension of global oil output cut deal

Russian President Vladimir Putin distanced himself from President Donald Trump on Wednesday, dismissing the USA president as a man he's met once but has no personal relationship with.

Mr Putin described the talks in Moscow as "substantive and meaningful".

Oil traded near $50/bbl in NY as traders weighed a flood of US crude exports against the possibility of extended production cuts by OPEC and Russian Federation.

The leaders of the world's largest energy exporters discussed an extension of an Opec agreement to cap oil output and oversaw the signing of deals which officials said were worth billions of dollars. Therefore this visit of King Salman is expected to script a new beginning in the region.

Architects of Saudi Arabia's foreign policy are aware of this aspect especially after Tehran took advantage that Riyadh steered clear of Kremlin's maze.

A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russian Federation.

The statement came as Saudi Arabia's King Salman visited Moscow.

Ties between the two countries were often strained in the past. "Both countries now see political and economic advantages from a closer, albeit pragmatic, relationship".

But the two sides have chose to end their animus, and in a round of meetings will sign commercial deals, coordinate on oil prices, and discuss a potential peace settlement in Syria, including the future role of Iran, now that it seems clear that President Bashar-al Assad is not going to be deposed.

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

Lavrov said the Saudi monarch and Putin's meeting saw a "particular focus on Syria, Iraq, Libya and Yemen".

Putin says some construction work on stadiums is behind schedule that but he was satisfied with the overall condition of the venues.

He further said that Russian Federation is satisfied with the current level of oil prices. Syrian opposition groups are due to meet in Riyadh this month in an attempt to iron out their differences.

As Saudi Arabia's King Salman embarked on a historic four-day visit to Russian Federation, the whole world is keenly following the developments.

OPEC ministers attending the Moscow event said they were considering extending the deal or making a deeper cut. It was subsequently extended through March 2018. The Saudi king will stay in Moscow till October 7.

"They respect Russian Federation more now".

  • Leroy Wright