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October 18 2017, 11:14 | Irvin Gilbert
Survey Shows Spike In OPEC's September Oil Production
"Saudi King Salman's trip to Moscow is being keenly watched by investors around the world, not just because it is the first time in history that a Saudi monarch is visiting Russian Federation, but because of the potential implications this could have on OPEC and the price of Oil", said Ahmad.
Salman will meet President Vladimir Putin on Thursday and they are expected to discuss extending oil production cuts ahead of the OPEC oil cartel meeting in November.
Ties between the two countries were often strained in the past.
"We are certain that further strengthening of relations will have a positive effect on strengthening stability and security in the world", his Saudi counterpart Jubeir stressed.
At the Russian Energy Week forum in Moscow, Novak said Russia is implementing oil production cuts as agreed with OPEC and non-OPEC countries, and are achieving the objectives that they set.
United States crude oil exports jumped to 1.98-million bpd last week, surpassing the 1.5-million bpd record set the previous week, the Energy Information Administration said.
Russian Federation is not a member of the oil cartel Opec, but it has collaborated with Opec members on suppressing production to drive up oil prices. "But in general, speaking about a potential extension, it should last at least to the end of 2018".
The king said the world's two top oil exporters would continue to collaborate to stabilise oil markets. But Russian military success on the ground in Syria has resulted in Saudi Arabia pressuring opposition groups to hold peace talks with Damascus.
Saudi Arabia's King Salman walks past Russian honour guards during a welcoming ceremony upon his arrival at Vnukovo airport outside Moscow, Russia October 4, 2017.
The escalator stopped midway, forcing the king to walk down himself, to be met by Russian officials including deputy prime minister Dmitry Rogozin and a military brass band.
"This is a new instrument, which has not been clearly formed yet", he was quoted by Russian news agency Tass as saying.
The expert called attention to the fact that Moscow and Riyadh's cooperation in business and energy trade has already borne fruit.
The head of Saudi's state-owned oil giant Aramco Amin Nasser told Rossiya 24 state television ahead of the talks that the company would sign agreements with Russia's Gazprom, Gazprom Neft and Sibur energy companies as well as with an affiliate of Lukoil.
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.