Oil rises 2 percent as potential OPEC deal trumps USA exports

Oil rises 2 percent as potential OPEC deal trumps USA exports

"This is first visit to Russian Federation by King of Saudi Arabia in history of bilateral relations", Putin said after interview with King Selman in Moscow.

Salman arrived in Moscow on Wednesday, and it was the first time a Saudi king has ever visited Moscow. It was subsequently extended through March 2018.

A number of deals have been signed during this week's trip by King Salman to Russian Federation, the first by a Saudi monarch.

Saudi Arabia says it has signed a memorandum of understanding on the purchase of S-400 air defence systems from Russia's state arms exporter during Saudi King Salman's landmark trip to Moscow on Thursday.

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"Bullish comments from the Russian and Saudi Energy ministers are helping arrest the recent decline in oil prices", said Stephen Brennock, analyst at London brokerage PVM Oil Associates. "Nuclear power may become one of the basic sources and an extra catalyst for the development of various industries and innovation technologies in Saudi Arabia", he added. The two nations - joint architects of the supply agreement between the Organization of Petroleum Exporting Countries and other producers that has boosted prices - are looking at ways to extend and deepen their relationship.

Riyadh has had to slash subsidies and delay major projects since the mid-2014 price on crude, and Salman is keen to continue efforts to control output to bolster prices.

Saudi Arabia's Public Investment Fund, the kingdom's sovereign wealth fund, announced in 2015 plans to invest $10bn in Russian Federation over the next five years, though only a fraction of that has so far been put up.

The two countries also signed a deal to set up a $1 billion joint investment fund. "Around 95 percent" of planned projects [linked to that deal] related to "non-oil assets", he said. An oversupplied market previous year, brought on by USA oil production and OPEC members working to defend market shares with more output, helped pushed the price of oil below $30 per barrel.

Fidayeen storm BSF camp near Srinagar Airport; 2 attackers killed
Residents in the neighborhood said they heard dozens of blasts early Tuesday and intermittent gunfire was still ongoing. Officials said the airport, which is on a plateau and encircled by military and paramilitary camps, was safe.

Al Arabiya has announced that Saudi Arabia and Russian Federation agree to purchase S-400 missile defence system.

"We have already established eight research centres around the world that complement our main research facilities in Saudi Arabia", Nasser said at a panel discussion at the Saudi-Russian Business Investment Forum in Moscow on the sidelines of Saudi royal's visit to Russia.

Saudi Arabia is open to all options for the global oil supply cut pact, including an extension until the end of 2018, Energy Minister Khalid al-Falih told Al Arabiya TV channel on Thursday.

David Bossie to Puerto Rico Mayor: Put Down the Microphone and Help
Trump is scheduled to make his first visit to Puerto Rico on Tuesday, almost two weeks after the hurricane hit the island. She also said residents need to focus on saving lives and "cannot be distracted by anything else".

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