Putin and Saudi king turn the page on decades of tensions

Putin and Saudi king turn the page on decades of tensions

But relations have been improving between the two nations with an energy pact forged a year ago when 24-oil exporting countries, including Saudi Arabia and Russian Federation - the two largest oil exporting nations - agreed to cut output to halt the downward drift of the oil price.

President Vladimir Putin said on Wednesday that a military strike against North Korea created to destroy its nuclear and missile program might not succeed because Pyongyang could have hidden military facilities that nobody knows about.

In Russia, King Salman also called on Iran to "stop interference in the region's affairs and destabilizing the region", stressing that the security and stability of the Gulf region and the Middle East are an absolute necessity for achieving global security and stability.

Russia's Rosoboronexport and the Saudi military consortium signed a memorandum on the manufacturing rights of Russian military equipment in Saudi Arabia.

"The ongoing change in Russia's energy balance will reduce domestic oil consumption, and the methods for coal use will become more environmentally friendly", Putin said. It was subsequently extended through March 2018.

Russian Federation and Saudi Arabia have clinched a number of lucrative deals as King Salman paid the first official visit to Russian Federation by a Saudi monarch.

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Russian Federation and Saudi Arabia will continue to work on stabilising world oil markets, King Salman told Putin on Thursday. "We also support the Astana-based talks, the importance of integrity of Syrian territories and the Syrian institutions".

According to the Russian minister, the Russia-Saudi Arabia intergovernmental commission will meet in late October in Riyadh for the fifth time.

Russia and Saudi Arabia will sign joint investment agreements worth more than $3 billion during the visit, Russian Energy Minister Alexander Novak was quoted as saying on Wednesday.

Saudi Aramco and Saudi Basic Industries Corp (SABIC) is expected to sign an MoU with Russia's biggest petrochemical firm Sibur to examine opportunities for building petrochemical plants in the two countries.

Salman also told Putin he hoped to see "a Palestinian state with East Jerusalem as its capital" established in the future, as a solution to the Israeli-Palestinian conflict.

Other factors also weighed on oil prices, including the return to production of Libya's Sharara oilfield on Wednesday after an armed brigade forced a two-day shutdown.

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