King Salman Visits Russia Thursday, $10 Billion Expected in Joint Projects

King Salman Visits Russia Thursday, $10 Billion Expected in Joint Projects

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.

Saudi King Salman reviews the honor guards upon his arrival at Moscow's Government Vnukovo airport, Russia, Wednesday, Oct. 4, 2017.

The visit will reinforce the already strong relationship between Saudi Arabia and the Russian Federation, primarily driven by the fact it is creating the much desired synergy between two highly influential energy powers of the world.

Saudi Arabia has posted budget shortfalls totalling more than $200 billion since 2014 and is forecast to post a budget deficit of $53 billion in 2017.

While Russia and Saudi Arabia are now allies on the global oil market, they are on the opposite sides in the Syria conflict.

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Saudi Arabia's King Salman arrived in Moscow on Wednesday, the first official visit to Russian Federation by a ruler of the Sunni state. Several documents are expected to be signed during the meeting.

The nations have drawn closer after forging an agreement on oil production that trims output by 1.8 million barrels a day until March of next year.

Russia, which sits on the world's second-largest gas reserves can help the kingdom meet its growing demand for electricity and Riyadh, which is set to take Aramco public next year in what is slated to be the largest listing of its kind, is a welcome investor in Moscow.

Oil prices have failed to see the gains hoped from those cuts, however, with US shale oil producers coming back online and demand still failing to keep up with supply.

OPEC and some other non-member producers, including Russian Federation, have agreed to cut crude output which has helped prop up oil prices. "With the rise in prices, we expect the U.S.to continue pumping higher output, thus impacting market rebalancing".

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