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Saudi Arabia looks towards Russian Federation

Saudi Arabia looks towards Russian Federation

Saudi Aramco is also expected to sign a number of Memoranda of Understandings with major Russian companies.

Auto manufacturers -including Nissan, Chevrolet or Ford - were quick to "congratulate" Saudi women and their "welcome" in their universe, while saudi Arabia could count millions of new motorists in the coming years.

The latest deal will see Russia and Saudi Arabia strengthen their cooperation in oil, gas, electricity and renewable energy, Russian Energy Minister Alexander Novak told Al Arabiya television Monday, Reuters reported.

King Salman will meet President Vladimir Putin on Thursday and they are expected to discuss extending oil production cuts.

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Читайте также: Iraq suspends global flights to Kurdistan after independence vote

Novak said energy and oil ministers from more than half of OPEC's members will visit Moscow to take part in the Russian Energy Week 2017 forum. Though Russia will not be replacing the U.S. in this regard due to the many complicated connections the Middle East has with the West in general and America in particular, Moscow is trying to encourage Middle Eastern countries to have better relations based on mutual understanding and common benefits. 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.

The deal is to be officially unveiled this week during the historical visit of King Salman to Moscow.

Saudi Arabia, the Arab world's largest economy, has since introduced social and economic reforms aimed at ending its historic dependence on oil prices. The price of the Brent oil dropped from over United States dollars 100 in early 2014 to a little more than USD 40 at the end of a year ago and opened this Monday (2) costing around USD 57.

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