Russia, Saudi Arabia agrees oil deal

Alexander Zemlianichenko, Pool/Reuters

Vladimir Putin, Russian President, signed a key deal with Saudi Arabia during a key visit for an OPEC+ grouping that targets to stabilize global oil prices and aims to calm regional tension with Iran on Monday.

The president’s visit is recently after the attacks on Saudi installations that Saudi Arabia and the United States pointed on Iran, an ally of Moscow.

The talk between the two head of state resulted to signing of some 20 agreements and contracts worth billions of dollars on aerospace, culture, health, technology, and agriculture.

A notable deal in the agreement was supporting the cooperation among the OPEC+ countries, the Organization of the Petroleum Exporting Countries plus 10 non-members of the cartel.

Saudi Energy Minister Prince Abdulaziz bin Salman said the deal aims to “reinforce cooperation and strengthen oil market stability.”

Dmitri Peskov, Kremlin spokesman, said that Putin and Saudi Officials also discussed “military and technical cooperation.”

On the other hand, Moscow is not a member of OPEC, but it has worked relatively to limit supply and raise prices after 2014 plunge that intimidated the economies of Russia and Saudi Arabia.

In 2017, Russia and Saudia Arabia agreed to a memorandum of understanding allowing Riyadh’s purchase of Moscow’s powerful S-400 anti-aircraft missile systems.

The sale did not push through and Saudi Arabia eventually chose to purchase a US system.