In a first, Saudi king to visit Russia on Thursday

The visit comes a month before members of Opec are due to meet others to discuss extending pact that has helped prop up prices

Saudi Arabia's King Salman (R) stands on an escalator as he arrives at Halim Perdanakusuma airport in Jakarta, Indonesia. Photo: Reuters
Saudi Arabia's King Salman (R) stands on an escalator as he arrives at Halim Perdanakusuma airport in Jakarta, Indonesia. Photo: Reuters
AFP| PTI Moscow
Last Updated : Oct 02 2017 | 8:59 PM IST
King Salman of Saudi Arabia will visit Russia on Thursday, senior Kremlin aide Yury Ushakov was quoted by the TASS news agency as saying.

"We are awaiting the king's visit on Thursday," Ushakov said today, without elaborating.

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 Russia, to discuss extending the pact that has helped prop up prices.

Also Read

Opec and its allies agreed from the beginning of 2017 to cut their production by around 1.8 million barrels per day for six months. It was subsequently extended through March 2018.

The pact has helped reduce the glut of crude supplies on the market and the price to climb to around $55 per barrel currently.

Saudi Arabia and Russia are heavily dependent on oil exports and the plunge of the price of crude that began in 2014 lashed both of their economies.

While Russia and Saudi Arabia are now allies on the global oil market, they are on the opposite sides in the Syria conflict.

Moscow supports the regime of President Bashar al-Assad while Riyadh supports the opposition.

At least 3,000 people including 955 civilians were killed in September, the deadliest month of the conflict this year, the Syrian Observatory for Human Rights monitor said on Sunday.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Oct 02 2017 | 8:59 PM IST

Next Story