Powerful Saudi prince to meet Putin in Russian Federation

"We have achieved much in the preceding period, but we have to do still more".

Earlier in the day, Russia's Energy Minister Alexander Novak met with his Saudi counterpart, Khalid al-Falih, to discuss, Reuters said, the situation on global oil markets.

The two hydrocarbon producing giants have found common ground, however, in their cooperation on oil. After Tuesday's meeting with the Russian president, royal is due to head to the Azerbaijani capital of Baku, Al Arabiya reported.

Mr Putin also underlined the role of oil in the relationship.

"Agreements in the energy sphere are of high importance for our nations".

"The most important thing is that we are succeeding in building a solid foundation to stabilize oil markets and energy prices", Prince Mohammed said.

According to him, new documents may embrace a wide range of issues, to provide an opportunity for Russian companies to work with projects in Saudi Arabia and vice versa.

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The Saudi Ambassador also uncovered that several Saudi officials had lately visited Russian Federation to enhance relations between both countries.

The meetings take place following the agreement by the Organization of the Petroleum Exporting Countries and other large global oil producers led by Russian Federation too extend oil output cuts by another 9 months.

Prince Mohammed's meeting with Putin comes shortly after US President Donald Trump visited Riyadh as part of his first overseas trip.

But agreeing on Syria remains hard and neither Prince Salman nor Mr Putin offered any breakthroughs on Tuesday.

Saudi Arabia, on the other hand, undertook the biggest portion of the cut, and as of late May this year, according to Bloomberg, has cut production by 600,000 bpd, although its quota called for cuts of less than 500,000 bpd.

Despite this impasse, the two men remained optimistic that the countries could work together.

"We support political contacts, contacts between defence ministries, we work together on sorting hard situation, including in Syria", Putin said. Prince Mohammed added, "The two countries have a lot of points of mutual understanding".

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  • Jack Mann