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Russia And Saudi Arabia Eye Oil Market Partnership With President Vladimir Putin And Deputy Crown Prince Mohammed bin Salman Meeting

By Dipannita | Jun 01, 2017 08:13 AM EDT

On Tuesday, Saudi Arabia's Deputy Crown Prince Mohammed bin Salman and Russia' President Vladimir Putin had a meeting in Moscow. Amongst other things that were discussed at the meeting, the most important topic discussed was about the oil market partnership and Syria.

Leaving the past hostility behind, Saudi Arabia and Russia are working towards an oil market partnership. Notably, it was the second meeting between President Vladimir Putin and Deputy Crown Prince Mohammed bin Salman. According to reports from Reuters, it is indicated that a deal between Russia and Saudi Arabia is on the cards between the two biggest oil exporters of the world. And, with this deal, it might send the oil prices soaring up.

Tuesday's discussion in Moscow between Saudi Arabia's Deputy Crown Prince Mohammed bin Salman and Russia' President Vladimir Putin had the duo discussion on oil market stabilization. Another aspect that was also discussed at the meeting was Syria. Additionally, several other projects related to real estate, transportation, retail, infrastructure energy projects were also discussed.

It must be mentioned that the meeting, which follows the Riyadh's summit, had the Russian President, Vladimir Putin praising the Deputy Crown Prince. Moreover, Saudi Arabia's Deputy Crown Prince Mohammed bin Salman was also heard saying that both Russia and Saudi Arabia are currently in the best phase, due to the common factor and also their efforts in overcoming disagreements. He further emphasized that "The most important thing is that we are succeeding in building a solid foundation to stabilize oil markets and energy prices,"

Notably, non-OPEC countries like Russia has previously been non-cooperative in dropping the oil output, jointly with the OPE countries. However, it was last year that the non-OPEC countries agreed to cooperate for the first time in 15 years.  They will be extending their support until March 2018.

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