Saudi Arabia Plans Russian Oil, Gas Investments

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"Saudi Arabia's King Salman has issued a historic royal decree granting driving licenses for women in the kingdom", the Saudiowned Al Arabiya news channel reported.

Saudi Arabian Oil Company (Saudi Aramco) is participating in the historic Royal Visit to Russian Federation by The Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al-Saud on October 4-7, 2017. "During the visit, a number of important documents are expected to be signed, which will contribute to the development of our relations", Saudi Foreign Minister Adel Jubeir said Wednesday at a meeting with Valentina Matvienko, the speaker of the Russian Federation Council, adding that "this visit will undoubtedly be successful".

"Experts say this visit is bigger than a mere protocol event already now and it should bring practical results since we stand in need of a discussion of many problems".

The Kingdom is looking to acquire stakes in at least two oil and gas companies in Russia, Saudi sources close to the talks told Bloomberg, requesting anonymity because of the private nature of said talks.

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Economy declined 2.3% from April to June over the years first three months, impacted by the budget cuts done due to oils lower prices. As of Tuesday midday, benchmark Brent crude was trading at $56.04 a barrel and West Texas Intermediate (WTI) at $50.51 with concerns of an over-supply still at the forefront of investors' minds. But as authorities seek to reduce the kingdom's reliance on oil, they're also leading efforts among OPEC members and some other major producers to bolster prices by cutting output.

There are also expectations that producers could discuss an extension to the deal to cut output beyond March 2018.

"We are not at the point where the oil price is safe", he warned.

The reductions will be on the same terms as those agreed in November. This visit will enable both economic partners to strengthen cooperation in oil, gas, electricity renewable energy and other projects for oil and gas equipment, said Alexander Novak, the Russian energy minister in an interview with Saudi media Al Arabiya TV on Monday.