Economy

Saudi king's visit to Russian Federation heralds shift in global power structures

Saudi king's visit to Russian Federation heralds shift in global power structures”

Saudi Energy Minister Khalid al-Falih, whose country is the de facto leader of the 14-member Organization of the Petroleum Exporting Countries, said he welcomed the contribution of USA shale oil supplies as global demand for crude was on the rise.

"We'll have to see how the global energy balance looks in March 2018", Putin said.

Russian publication Kommersant reported that military-technical cooperation is one of the most anticipated topic of the talks during Saudi King Salman's visit who arrived in Moscow today at the head of a large delegation.

The two nations - joint architects of the supply agreement between the Organization of Petroleum Exporting Countries and other producers that has boosted prices - are looking at ways to extend and deepen their relationship.

Clean energy produces about 84 percent of electricity in Russia for the moment and the figure is expected to reach 90 percent by 2035, Russian President Vladimir Putin said Wednesday.

Referring to Iraqi Kurdistan's independence referendum, Putin said Russian Federation has historically good relations with the Kurds, but in the issue of Iraqi Kurdistan Moscow believes everything must be done not to escalate the situation.

Reiterating to follow diplomacy by engaging in dialogue, Putin said, "All sides must ease rhetoric and find ways for face-to-face dialogue between the United States and North Korea, as well as between North Korea and countries in the region".

Saudi Arabia's energy minister said that Russian Federation has helped to breathe new life into OPEC and that shale can be a major contributor to the market in years to come.

"We expect a slight increase in oil refining to 284 mln tonnes, which is related to the upgrade of our refineries".

Russia's budget revenue from oil and gas taxes, which earlier this year recovered to 2015 levels, fell again by July on crude-price fluctuations and a stronger ruble.

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.



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