Putin says military strike against North Korea not sure to succeed

Putin says military strike against North Korea not sure to succeed

According to Mercouris, Russia "is able to help the Saudis on questions like oil, like Syria, like future relations with the other countries in the region with which Saudi Arabia has so many difficulties".

King Salman bin Abdulaziz is on a four-day visit to Russian Federation, a first for any Saudi monarch.

It is the first time that a reigning Saudi Arabian monarch has visited Russian Federation since the founding of the Middle Eastern country in 1926.

In addition, Putin looks like he's not about to give up the "co-pilot" role soon, Tran wrote, with Russian Federation signaling it might be willing to extend the agreement to the end of 2018.

The two countries also signed a series of multi-billion dollar investment deals including one to create a $1 billion fund to pursue energy projects.

Saudi Arabia said it signed a memorandum of understanding on the purchase from Russian Federation of S-400 air defense systems. "In addition to OPEC, we have an intergovernmental commission for trade and economic cooperation", the minister noted.

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The IAF has not allowed construction of an industrial estate near the airport citing security as the main reason. Officials said the airport, which is on a plateau and encircled by military and paramilitary camps, was safe.

"I'm sure your visit will boost the ties between our countries", Putin added.

The agreement, implemented in January, is created to bring the global level of crude oil inventories closer to the five-year average.

Dmitriev also told CNBC the evolving relationship was about more than supporting the oil price. Moscow has also headed to Saudi Arabia after China and Qatar to meet its investment needs. In 2015 the countries' sovereign wealth funds agreed to $10 billion in investments. "Around 95 percent" of planned projects [linked to that deal] related to "non-oil assets", he said.

A thaw between Moscow and Riyadh helped reach November's deal in which Opec and 10 other oil-producing countries, including Russian Federation, agreed to cut their production in a bid to combat a supply glut and shore up crude prices.

In a concrete expression of how ties are deepening, Saudi Arabia said it had signed a memorandum of understanding on the purchase of S-400 air defence systems from Russia's state arms exporter.

"We strive to continue the positive cooperation between our countries to achieve stability on world oil markets which promotes the growth of the world's economy", King Salman said. Speaking at the conference, Saudi Oil Minister Khalid al-Falih said market recovery is apparent, and the success of the agreement is obvious, but producers can't relax yet.

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