Putin says OPEC/non-OPEC oil output cut deal has helped stabilise markets

Putin says OPEC/non-OPEC oil output cut deal has helped stabilise markets

These agreements are "expected to play a pivotal role in the growth and development of the military and military systems industry in Saudi Arabia", Saudi Arabian Military Industries (SAMI), the Sunni state's military industries firm said.

It can track and engage up to 300 targets at the same time and has an altitude ceiling of 27 kilometers.

"This is the first visit by a Saudi Arabian monarch in the history of our relations and that in itself is a landmark event", Putin said as he welcomed King Salman to Moscow in an ornate gilded Kremlin hall.

Moscow and Riyadh also agreed to develop production in Saudi Arabia of the Kalashnikov automatic rifle and its ammunition as well as educational and training programs for Saudi nationals.

But, aside from these important deals, Prince Mohammed and Putin were able to lay the ground for close coordination between OPEC and Russian Federation in the sensitive and highly unstable oil production market.

It shows the Saudis' interest in keeping Russian Federation signed up to a global deal to limit oil production and push up the price of their valuable crude exports.

Saudi Arabia and Russian Federation have very little in common.

Bale missing from Real Madrid squad for Espanyol clash
The Madrid boss felt the Spain attacking midfielder was wise to praise Ronaldo as an example to follow as he continues to develop. However, Madrid have yet to win at the Bernabeu this season, and Espanyol have pulled off some impressive draws this season.

The agreement has already been extended once to continue through March 2018.

Since 2014, the price of oil has been at an all-time low after its deliberate reduction on the world market, but Novak claims that he has seen it rise to $50 to $60 per barrel, proving that the price of oil is stabilising.

Putin visited Riyadh in 2007. "Talks on S-400 are in progress, but there are no final decisions yet", Tass quoted Russian Deputy Prime Minister Dmitry Rogozin as saying.

With diplomatic alliances shifting across the Middle East, Moscow hopes that King Salman's historic four-day visit will show that Moscow can forge close alliances with all the key Middle East players, including Turkey, Iran and now Saudi.

Saudi Arabia's General Investment Authority granted licenses to four Russian companies to work fully in the construction sector.

"The stakes are as high for Moscow as for Riyadh".

The visit comes a month before members of the OPEC oil cartel, of which Saudi Arabia is the biggest producer, are due to meet with the other nations that have joined them in cutting crude output, including Russian Federation, to discuss extending the pact that has helped prop up prices.

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