Saudis say Russian cooperation "breathed life" back into OPEC

The Biography of Russian President Vladimir Putin: A Story of True Leadership

The king said the world's two top oil exporters would continue to collaborate to stabilise oil markets.

The Public Investment Fund (PIF) of Saudi Arabia, Saudi national oil company Saudi Aramco, and the Russian Direct Investment Fund (RDIF) signed an agreement to set up an energy investment fund of 1 billion US dollars, a Kremlin statement said. "But as I think of fundamentals I am more optimistic than I have been in the last two or three years, demand is healthy around the world in developed and developing countries". "Today we alone as the Russian Direct Investment Fund announced deals worth United States dollars 2.1 billion", said Kirill Dmitriyev, the head of the fund set up to attract investment.

Salman said at the talks in Moscow that Saudi Arabia calls for a political solution in Syria that "guarantees security and stability and the preservation of Syrian sovereignty".

He also stressed that cooperation between the two countries is not limited to the OPEC+ agreement.

On Thursday, negotiations between Russian President Vladimir Putin and Saudi Arabian King Salman bin Abdulaziz Al Saud were held.

Earlier in the day, King Salman met with the Russian leader to discuss a number of issues, including the oil market situation, defense industry cooperation, situation in Syria and the diplomatic rift between a number of Arab states and Qatar. Putin paid a state visit to Saudi Arabia in 2007.

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Russian authorities, the academic said, are trying to show "a new opening" in dealing with the Middle East developments.

Russian President Vladimir Putin (R) meets with Saudi Arabia's King Salman in the Kremlin in Moscow, Russia. Saudi Arabia is at war with Iranian-allied rebel fighters in Yemen and is embroiled in a diplomatic standoff with Qatar, which has found support from Tehran.

The deals include a $1.1 billion agreement for Russian petrochemical firm Sibur to build a plant in Saudi Arabia, the energy ministry cited Novak as saying in an interview with the Financial Times newspaper.

King Salman even brought his own furniture along to the luxury hotels booked by the Saudi government for the visit.

The renewable energy power generation in Russian Federation will increase several-fold in the next two decades in accordance with Russia's national energy strategy, he said.

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