Shouting Match Between Russian President Putin And Saudi Crown Prince Salman Is What Launched The Oil Price War

Saudi Crown Prince Mohammed bin Salman (L) and Russian President Vladimir Putin are said to have shouted at each other during the early March phone call (AFP/Reuters)

Middle East Eye: EXCLUSIVE: Saudis launched oil price war after 'MBS shouting match with Putin'

Saudi crown prince threatened Russian president over production cuts prior to flooding market. 'The call ended badly,' sources tell MEE

A telephone call last month between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman degenerated into a shouting match just before Riyadh decided to flood the market with oil in a move which sent prices spiralling.

Saudi officials with knowledge of the disastrous call told Middle East Eye that the row threatened to undo months of detente between the two countries, in which a significant arms trade was also agreed.

The call took place just before an Opec+ meeting on 6 March, in which major oil producers failed to agree a deal on cutting production despite falling global demand as a consequence of the coronavirus pandemic.

“Just before that meeting there was a call between Putin and MBS. MBS was very aggressive and gave an ultimatum. He threatened that if there is no agreement, Saudi would start a price war.

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WNU editor: That must have been one hell of a shouting match.

Will Saudi Arabia Succeed In Crippling Rusia's Oil Industry By Flooding The World Market And Dropping Prices To A 30-Year Low?

Russian President Vladimir Putin shakes hands with then Saudi Deputy Crown Prince Mohammed bin Salman during a meeting at the Kremlin on May 30, 2017 [Reuters/Pavel Golovkin]

Daily Mail: How Saudi Arabia is trying to CRIPPLE Russian oil industry by flooding world market and dropping price to 30-year low in fight over coronavirus that could hit Trump's re-election hopes by triggering US recession

* The oil market plunged to a 30-year low on Sunday amid coronavirus fears and a price bidding war between Saudi Arabia and Russia
* Russia refused to sign on to a OPEC proposal to reduce global oil production in an effort to stabilize market as the coronavirus has slowed demand for oil
* Russia rebuffed proposal, refusing to boost US oil producers and lose profits
* On Saturday Saudi Arabia, the largest oil producer in world, slashed prices
* Russia told its oil producers to pump as much as they could
* Experts say the tension signals that Saudi Arabia and Russia are 'on the skids'
* Former Saudi Aramco VP said 'Saudi Arabia is protecting its market position'
* If the oil market plunge doesn't stop it could lead to a recession and threaten President Donald Trump's bid for re-election
* Americans will see prices at gas pump go down & a decline in US oil production

Saudi Arabia slashed its oil export prices over the weekend and declared a price war with Russia that sent global markets reeling and marked the sharpest decline in oil futures since 1991.

The price drop came after Russia refused to sign on with a proposal by the Organization of the Petroleum Exporting Countries (OPEC) to cut production globally as the coronavirus outbreak has slowed the demand for oil.

OPEC nations met with allies like Russia on Thursday and Friday in Vienna to reduce oil production by an additional 1.5million barrels per day to stabilize the market starting in April through the end of the year.

But Russia refused to join to agreement.

From Russia's perspective cutting production would boost US oil producers at the expense of international competitors and lead to a loss in profits.

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WNU Editor: Besides Russia Saudi Arabia is also targeting America's shale producers. I personally do not understand the strategy that Saudi Arabia is currently implementing. Flooding the world with cheap oil is only going to make US shale producers more efficient in their production and distribution efforts. In regards to Saudi Arabia's impact on Russia's energy industry, Russia's energy industry is divergent. Russia is a major exporter of natural gas to Europe and China, and that alone will minimize the impact that lower oil prices will have. The Russian government has also built up a massive reserve of foreign currencies as a rainy day find. The fund provides the Kremlin with more than enough funds to offset these low oil prices and the loss of income from it for a very long time. The biggest loser that I see from this Saudi policy, aside from countries like Iran and Venezuela that are completely dependent on oil exports, is Saudi Arabia itself. They have arranged the biggest IPO in history with its state oil company Aramco. By these actions Saudi Arabia has shown itself to be a very unreliable partner, and it will negatively impact its IPO share price.

Update: That is about right .... Russia Says It Can Weather $25 Oil For Up To 10 Years (Zero Hedge).

What Is More Important To Russian President Putin: Relations With Saudi Arabia Or Iran?

Russian President Vladimir Putin attends a welcome ceremony with Saudi Arabia’s King Salman bin Abdulaziz Al Saud at the Saudi Royal palace in Riyadh, Saudi Arabia. Photo: AFP/Aleksey Nikolskyi/Sputnik

Stephen Bryen, Asia Times: What is more important to Putin: Saudi or Iran?

The wild card is not Russia or Saudi Arabia, but the US, which has lost a lot of influence and credibility in the region

Russian President Vladimir Putin has just wrapped up an important visit to Saudi Arabia.

From the immediate Russian and Saudi point of view, the visit was fruitful, yielding 21 important agreements and undertakings, and getting support for significant Saudi investments in Russia, including investments by the Saudi Arabian Public Fund of US$10 billion for joint foreign direct investment projects in Russia.

Nothing was said about weapons sales, but there can be little doubt that Putin raised the issue privately with the Saudi leadership.

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WNU Editor: Iran is a tinderbox. It has always has been. Saudi Arabia also has problems, but nowhere near what Iran has. Looking long term. Saudi Arabia is far more important to Russia's future than Iran, and that was the signal that President Putin was sending with his message to Riyadh.

Russian President Putin Is In Saudi Arabia

Daily Mail: Saudi King rolls out red carpet for Vladimir Putin as Russian President starts first visit for a decade amid rising tensions between kingdom and Moscow's ally Iran

* Putin signed key deal aimed at stabilising global oil prices and calming tensions
* Two countries signed 20 agreements and contracts worth billions of dollars
* The visit follows attacks on Saudi oil installations that have been blamed on Iran

Russian President Vladamir Putin has signed a key deal with Saudi Arabia during his first visit to the country for a decade.

The deal, aimed at stabilising global oil prices and seeking to calm regional tensions with Iran, was signed yesterday.

Putin's visit follows attacks on Saudi oil installations that Saudi Arabia and the United States have blamed on Iran, an ally of Moscow.

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Update #1: Saudi visit signals Russian President Putin's growing Middle East influence (Reuters)
Update #2: King Salman, MBS welcome Putin with full military honors (Saudi Gazette)

WNU Editor: This blog made a prediction in 2015 that all roads in the Middle East will lead to Moscow .... When It Comes To The Middle East All Roads Now Lead to Moscow (September 26, 2019). Some events did not turn out as I had expected. But the big shift, the dominant role of Russia in the Middle East, has happened .... In the Middle East, there’s one country every side talks to: Russia (The Washington Post)

Should Saudi Arabia Buy Russian Weapons?

Reuters

Richard Weitz, National Interest: Saudi Arabia Should Be Careful About Buying Russian Weapons

Should Saudi Arabia, Qatar, or any other country receive the S-400, the United States would deny them the best U.S. defense technologies and redeploy any U.S. military aircraft based there.

The Pentagon had made the correct decision in sending four 360-degree AN/MPQ-64 Sentinel radars to bolster the Saudi air and missile defenses, along with another Patriot air defense system and U.S. support personnel. Last month’s combined missile and drone strike inflicted serious damage on the Saudi oil refineries at Abqaiq and Khurais as well as broader U.S. national security interests.

The Houthis, a rebel group in neighboring Yemen, claimed responsibility for the bombardment. Yet, the United States, France, Germany, Britain, and other governments have blamed Iran for the assault given the direction of the attack from the northwest, which side-stepped the southward-oriented Patriots near the refineries; Iran’s ongoing aggressive behavior in the Gulf region; the resemblance of the offensive systems to those in Iran’s arsenal; as well as the sophistication and precision of the strike.

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WNU Editor:I can see Saudi Arabia buying some Russian weapon systems. But the big and expensive items .... nope.

Russian President Putin Heads to Saudi Arabia

© Sputnik / Alexei Nikolsky

VOA: Putin Heads to Saudi Arabia, Offers Himself as Peacemaker

MOSCOW - Russian leader Vladimir Putin travels to Saudi Arabia, a traditional U.S. ally, Monday, offering to act as a peacemaker between Riyadh and Tehran in a diplomatic offensive aimed at balancing Moscow’s relations across the Middle East.

His second aim, say analysts, is to needle Washington. While courting Iran, Russia’s ally in Syria, the Kremlin has also been wooing Tehran’s top foes, Saudi Arabia and Israel, as well as other major powers in the region like Turkey, a member of the U.S.-led NATO Western military alliance.

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WNU Editor: Russian President Putin and Crown Prince Salman are gong to spend a lot of time on this .... Russia to work with Saudi to stabilise oil market (AFP).

More News On Russian President Putin Heading To Saudi Arabia

Putin says Russia has 'very friendly' relations with Saudi crown prince -- Euronews/Reuters
Putin praises ties with UAE, Saudi Arabia ahead of visit -- Gulf News
Strong Russia-Saudi Ties Show Promise of New Heights Ahead of Putin's Visit to Riyadh -- Sputnik
Saudis asked Russia to probe Aramco oilfield attack, Moscow will condemn Iran if it's responsible – Putin -- RT
Saudis ask Russia to probe oilfield attack -- Asia Times
What to Expect From Putin's Visit to Saudi Arabia? -- Ruslan Mamedov, Moscow Times

Is An Alliance With Russia The Saudi Crown Prince's Final Option?

Cyril Widdershoven, OilPrice.com: The Saudi Crown Prince’s Final Option

Saudi crown prince Mohammed bin Salman has been making headlines again these last few days. After giving an interview to CBS in which he admitted the mistakes of the Khashoggi murder last year, a media frenzy started, with a vast lineup of reports linked to the 1 year remembrance day of the brutal Khashoggi murder, mainly intended to weaken the position of the Saudi crown prince. Unnamed sources are being quoted stating that MBS’s position is being attacked from all sides, including within the Kingdom.

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WNU Editor: As this blog noted last year. The relationship between Putin and Salman is very close .... Russian President Putin And Saudi Crown Prince Mohammad Bin Salman Share A High Five At The G20 (November 30, 2018).

Iran's President And Foreign Minister Break Out Laughing When Russian Putin Said Saudi Arabia Should Buy Russia's Air Defense Systems

Amazing — in a summit with two of Saudi Arabia’s archrivals in the region, Putin says Riyadh should buy Russia air defense to protect its infrastructure against any attacks. All while the Iranian foreign minister & president are giggling. pic.twitter.com/s2nP0HHeYr

— Hassan Hassan (@hxhassan) September 16, 2019

WNU Editor: The Iranians took it as a joke, but Russian President Putin was actually very serious in making that offer.

Is The Saudi - Russia Oil Alliance About To End?

Vanand Meliksetian, OilPrice.com: Saudi Arabia And Russia Unlikely To Agree On New Oil Cuts

OPEC is dead, long live OPEC+. Arguably the collaboration between the world's two largest exporters of oil, Russia and Saudi Arabia, is a significant development caused by and comparable to the shale revolution in the U.S.

Desperate times require desperate measures. A decade ago, a partnership between Moscow and Riyadh would have seemed impossible due to contradicting interests. Recent developments have somewhat aligned the countries into what has been dubbed OPEC+.

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WNU Editor: I concur with the above analysis. Russia is more focus on gaining market share, not cutting back on production. Saudi Arabia is more focused on price, because they need high prices to sustain their budgetary needs. My prediction. Unless Saudi Arabia decides to ramp up production, thereby decreasing prices, there is going to be no agreement on production cuts.

Russia Tells U.S. Not to Interfere in Saudi Crown Prince MBS Becoming King

Newsweek: Russia Tells U.S. Not to Interfere in Saudi Crown Prince MBS Becoming King, Despite Khashoggi Killing

Russia went to bat for Mohammad bin Salman after the young Saudi crown prince came under fire for the killing of a Saudi journalist in Turkey.

Russia’s deputy foreign minister and Middle East envoy, Mikhail Bogdanov, warned on Tuesday that the U.S. should not try to influence the line of succession in Saudi Arabia, and he signaled that Moscow believes the 33-year-old prince should succeed his father as king.

“The king made a decision and I can’t even imagine on what grounds someone in America will interfere in such an issue and think about who should rule Saudi Arabia, now or in the future. This is a Saudi matter,” Bogdanov told reporters.

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Update: Russia Warns U.S. Against Interfering in Saudi Royal Succession (Bloomberg)

WNU Editor: As we learned from the above video, Saudi Crown Prince Mohammad bin Salman and Russian President Putin are now "tight".

Russian President Putin And Saudi Crown Prince Mohammad Bin Salman Share A High Five At The G20

CNBC: Putin and Saudi Crown Prince Mohammed bin Salman’s exuberant handshake at G-20

* Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on Friday warmly shook hands when they were seated together at the G-20 economic summit in Argentina.
* The hearty hello came two days after the Senate overwhelmingly voted to call for an end to U.S. involvement in the Saudi-led war in Yemen after weeks of suspicion that the crown prince had ordered the killing of journalist Jamal Khashoggi.
* The bonhomie also came after Russia seized several Ukrainian naval ships and their sailors, and after Trump’s former personal lawyer pleaded guilty to lying to Congress about an aborted plan to build a Trump Tower in Moscow.

Two of President Donald Trump’s favorite strongmen — Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman — warmly shook hands with one another, smiled broadly and laughed when they were seated together Friday at the G-20 summit in Argentina.

Twitter quickly labeled the Putin-MBS palm slap a “bro-five.”

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Update: Watch Vladimir Putin and Crown Prince Mohammed bin Salman Embrace at the G-20 (Time)

WNU Editor:  Any doubts of a growing Saudi - Russian alliance can now be put to rest with this exchange.

Saudi Royals Find A Friend In Russian President Putin

Russian President Vladimir Putin (R) and Saudi Arabia’s King Salman © Alexei Nikolsky © Reuters

Daily Mail: Russia says it BELIEVES Saudi royals' claims they were not involved in the murder of Jamal Khashoggi after Putin discussed it with King Salman

* President Putin reportedly had a phone call with King Salman on Thursday night
* Saudi royals including crown prince Muhammad bin Salman deny involvement
* A Kremlin spokesman said 'no one should have any grounds not to believe them'
* Khashoggi's fiancee Hatice Cengiz today called for repercussions for 'savagery'

Russia believes the Saudi royals were not involved in the murder of journalist Jamal Khashoggi after President Vladimir Putin discussed it with Saudi Arabia's King Salman, the Kremlin announced Friday.

Asked by a journalist whether the Kremlin fully believes that the Saudi royal family played no part in the murder in Istanbul, Putin's spokesman Dmitry Peskov said that the question was 'inappropriate.'

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WNU Editor: The Kremlin sees an opportunity, and they are taking advantage of it.

More News On Russian Support For The Saudi Royal Family

Russia’s Putin, Saudi king discuss Khashoggi case in phone call -- Daily Sabah
Russia Hails Saudi Arabia’s ‘Modernization and Transformation’ Despite Jamal Khashoggi’s Murder -- Newsweek
Jamal Khashoggi: Russia refuses to criticise Saudi Arabia in wake of journalist's murder -- Independent
Reticence of western firms in wake of Khashoggi killing drives Russia and Saudi Arabia closer -- The National

Russian President Putin Will Not Downgrade Its Ties To Saudi Arabia Over The Khashoggi Affair

Russian President Vladimir Putin speaks during a session of the annual Valdai Discussion Club in Sochi, Russia October 18, 2018. Sputnik/Alexei Druzhinin/Kremlin via REUTERS

Reuters: Putin says can't justify spoiling Saudi ties over Khashoggi affair

SOCHI, Russia (Reuters) - President Vladimir Putin said on Thursday that Russia did not have enough information about the unexplained disappearance of a Saudi journalist to justify spoiling ties with Riyadh.

Turkey says Jamal Khashoggi, a Washington Post columnist who was critical of Crown Prince Mohammed bin Salman, was killed by Saudi agents in Riyadh’s diplomatic mission in Istanbul on Oct. 2 and his body cut up. Saudi Arabia denies the allegation.

Putin told a discussion forum in the Black Sea resort of Sochi that Moscow did not really know what had happened in the case, that it was a pity that the journalist had gone missing, and that Russia would wait for details.

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Update: Putin says no reason to deteriorate relations with Saudi (Financial Times)

WNU Editor: Putin says the U.S. shares some responsibility for the disappearance of Jamal Khashoggi .... Putin: US has ‘certain responsibility’ for missing Saudi journalist (The Hill). And while everyone else is going to stay away, Russia is going to show up at the Saudi Arabia’s Future Investment Initiative next week .... Russians Flock to Saudi Forum as Mnuchin Joins Western Exodus (Jake Rudnitsky and Ilya Arkhipov, Bloomberg).

Russia-Saudi Have Plans To Put Together A Super-OPEC

© Sputnik / Alexei Druzhinin

Business Day/Bloomberg: Russia and Saudi Arabia’s plans for a ‘Super-Opec’ could change world order

Moves are afoot to make Russia’s role in managing global oil supply permanent; Russia and Saudi Arabia, together, pump 20% of the world’s oil

London/Moscow/Kuwait — When the group overseeing the so-called OPEC+ deal met last night, proceedings were dominated by two nations: Saudi Arabia and Russia. It was probably a snapshot of the oil market’s future.

Beyond the drama of this week’s diplomatic efforts to agree to an increase in oil production, the more significant longer-term development may be moves to make Russia’s role in managing global supply permanent, bringing together the two largest oil exporters.

Russia isn’t a member of oil carte Opec, but for the last two years has led a group of countries outside the group lending support to the cartel, creating a coalition of 24 producers that’s been dubbed OPEC+.

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Update #1: Russia, Saudi Arabia Seek New Super-OPEC Oil Alliance - Reports (Sputnik)
Update #2: Russia, Saudi Arabia Extend Oil Partnership Indefinitely (OilPrice.com)

WNU Editor: Both Russia and Saudi Arabia have historically been the #1 and #2 oil producers in the world .... I am just surprised that it took them this long to get together.

Why The Saudi King's Visit To Russia Is A Major Geopoltiical Shift

Patrick Wintour, The Guardian: Saudi king's visit to Russia heralds shift in global power structures

Vladimir Putin hopes first official trip by Saudi monarch to Moscow will seal powerful new alliance centred on oil and conflicts in the Gulf states

Russia will host its first visit by a Saudi monarch on Thursday, in an attempt to seal an alliance that would confirm Moscow as a major independent force in the Middle East capable of shaping worldwide oil prices and the outcome of regional conflicts such as those in Syria and Libya.

With diplomatic alliances shifting across the Middle East, Moscow hopes that King Salman’s historic four-day visit will show that Moscow can forge close alliances with all the key Middle East players, including Turkey, Iran and now Saudi.

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WNU Editor: From a geopolitical perspective .... this growing friendship between Russia and Saudi Arabia is huge. For Russian President Putin .... this Saudi visit is a validation that his Middle Eastern policy and strategy is bringing strategic and political benefits to Russia. For the Saudis .... this new friendship with Russia will give them leverage against the U.S. and European states on multiple fronts .... arms sales being one of them. But the big reason for why this friendship will grow can be summed up in one word .... oil. Both countries are major oil producers that are dependent on the revenues that is resource produces .... and both countries want stable prices. They are going to talk about oil quotas and prices .... and who gets what.

Report: Saudi Arabia Has Agreed To Buy Russia's S-400 Air Defense System

S-400 air defense systems © Sergey Pivovarov / Sputnik

Al Arabiya: Saudi Arabia agrees deal for Russian S400 missile defense systems

Saudia Arabia have agreed a deal to purchase S400 missile defense systems from Russia on Thursday during the state visit of King Salman Bin Abdulaziz to Moscow.

The deal will allow the kingdom to acquire one of the most advanced missile defense platforms in the world.

The S-400 Triumf is an anti aircraft, anti ballistic missile and anti cruise missile defense system that has been in service with the Russian Army since 2007.

The system uses four missiles, a very-long-range 400 km missile, a long-range 250 km missile, a medium-range 120 km missile and a short-range 40 km missile.

The System gives Saudi Arabia a multi-layer defense ability against aerial threats.

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WNU Editor: This is not what European and American defense contractors, defense experts, military and foreign policy officials want to hear right now.

More News On Reports That Saudi Arabia Has Agreed To Buy Russia's S-400 Air Defense System

Saudi Arabia agrees to buy Russian S-400 air defense system - al-Arabiya TV -- RT

Saudi Arabia agrees to buy Russian S-400 air defense system: Arabiya TV -- Reuters

Saudi Arabia says to buy S-400 defence system from Russia -- AFP
Saudi Arabia Agrees to Buy Russian S-400 Air Defense System -- Novinite

Russian President Vladimir Putin Meets Saudi Arabia’s King Salman At The Kremlin -- News Roundup

Reuters: Russia, Saudi Arabia cement new friendship with king's visit

MOSCOW (Reuters) - Russian President Vladimir Putin hosted Saudi Arabia’s King Salman for talks at the Kremlin on Thursday, cementing a relationship that is crucial for determining world oil prices and could be pivotal for resolving conflicts in the Middle East.

King Salman, the first sitting Saudi monarch to visit Russia, led a delegation to Moscow that agreed joint investment deals worth several billion dollars, providing much-needed investment for a Russian economy battered by low oil prices and Western sanctions.

On the political front, there was no sign of any substantial breakthrough on the issues that divide Moscow and Riyadh, including the fact that they back rival sides in Syria’s civil war.

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Russian President Vladimir Putin Meets Saudi Arabia’s King Salman At The Kremlin -- News Roundup

Russian president and Saudi king meeting round-up -- TASS
Putin holds state banquet in honor of Saudi king -- TASS
Putin hosts Saudi king to talk about oil, Syria -- AP
Saudi king, Putin eye energy, arms deals on landmark Russia visit -- AFP
Russian, Saudi leaders discuss situation in Middle East — Lavrov -- TASS
Saudi king tells Putin Iraqi territorial integrity must be preserved -- Reuters
Saudi King Salman demands Iran stop meddling in Middle East: Ifax -- Reuters
Russia rolls out the red carpet for Saudi king with billion-dollar deals on the table -- CNBC
Saudi king signs lucrative deals on landmark Russia visit -- BBC
Russia & Saudi Arabia sign billion dollar deals during King's visit -- RT
Putin hosts Saudi King, signaling development of an unlikely friendship -- Christian Science Monitor

Saudi Arabia's King Salman To Visit Russia on Thursday

In recent years, the two countries' support for opposite sides of the wars in both Syria and Yemen have added to political tensions Reuters

The Independent: Saudi Arabia’s King to make first ever official trip to Russia

Talks in first royal visit to the country by a sitting Saudi monarch expected to focus on oil prices and the wars in Syria and Yemen

King Salman of Saudi Arabia is to visit Russia in the first ever official trip to the country by a sitting Saudi monarch, the Kremlin has confirmed.

The 81-year-old king, who acceded to the throne in 2015, is set for later this week.

“We are awaiting the king´s visit on Thursday,” President Vladimir Putin´s foreign policy aide, Yury Ushakov, was quoted by state TASS news agency as saying on Monday.

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WNU Editor: Turmoil in the Middle East and oil will be on the discussion plate. This is the first time that the King of Saudi Arabia is going to Russia (and with no huge entourage). A few decades ago no one would have ever dreamed of such a trip by the King of Saudi Arabia .... but now it is happening. The symbolism behind this trip is huge.

More News On Saudi Arabia's King Salman Visiting Russia on Thursday

Saudi Arabia’s King Salman to visit Russia on Thursday -- Al Arabiya
Saudi king heads to Russia, with oil, investment and Syria on agenda -- Reuters
'The new OPEC bromance': How Saudi Arabia and Russia are bonding over oil -- CNBC
King Salman Visits Russia Thursday, $10 Billion in Joint Projects -- Asharq Al-awsat

A New Global Oil Order?

Russian President Vladimir Putin meets with Saudi Deputy Crown Prince and Defence Minister Mohammed bin Salman at the Kremlin in Moscow, Russia, May 30, 2017. REUTERS/Pavel Golovkin/Pool/File Photo

Reuters: 'Axis of love': Saudi-Russia detente heralds new oil order

A meeting between the two men who run Russia and Saudi Arabia's oil empires spoke volumes about the new relationship between the energy superpowers.

It was the first time that Rosneft boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting - going beyond the numerous times they had simply encountered each other at oil events around the world.

Their conversation also broke new ground, according to two sources familiar with the talks in the Saudi city of Dhahran last week who said the CEOs discussed possible ways of cooperating in Asia, such as Indonesia and India, as well as in other markets.

The sources did not disclose further details, but any cooperation in Asia between Russia and Saudi Arabia - the world's two biggest oil exporters - would be unprecedented.

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WNU editor: This is an alliance out of necessity .... both need higher oil prices to support their government's budgets. But the shale/fracking revolution has changed everything .... and I am sceptical that this oil alliance will work-out in the end.

Russian President Putin Meets Saudi Deputy Crown Prince Mohammed bin Salman

Russian President Vladimir Putin shakes hands with Saudi Deputy Crown Prince and Defence Minister Mohammed bin Salman during a meeting at the Kremlin in Moscow, Russia, May 30, 2017. REUTERS/Pavel Golovkin/Pool

Reuters: Russia's Putin, Saudi prince praise dialogue on oil, Syria

Russia and Saudi Arabia hailed their growing partnership in oil markets and dialogue on Syria on Tuesday, in a departure from past hostilities between the top global producers and major players in the Middle East.

Russian President Vladimir Putin heaped praise on Deputy Crown Prince Mohammed bin Salman, who looks after the kingdom's defense and energy, as he welcomed the possible future king to the Kremlin.

It was the second meeting between the two men over the past year following a breakthrough meeting in China, where Putin and Prince Mohammed showed the first signs the world's two biggest oil exporters could clinch a deal to prop up oil prices.

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WNU Editor: Oil and Syria were the two topics discussed.

More News On Today's Meeting Between Russian President Putin And Saudi Deputy Crown Prince Mohammed bin Salman

Putin: Russian-Saudi Teamwork Allows to Stabilize Global Oil Markets -- Sputnik
Putin appreciates Saudi Arabia for joint efforts on oil market stabilization -- TASS
Mohammed bin Salman to Putin: We’ve achieved a lot and strive for more -- Al Arabiya
Saudi Arabia’s Mohammed bin Salman meets Putin in Moscow -- The National
Putin follows Trump with his own Saudi Arabia meeting -- Washington Examiner
Saudi Prince Mohammed Meets With Putin To Discuss Oil, Syria -- OilPrice.com