BEIRUT, LEBANON (5:01 P.M.) – The Saudi Arabian Deputy Crown Prince and Defense Minister Muhammad bin Salman al Saud gave praise to Russia’s relations with the Kingdom in a meeting with President Putin on Tuesday. Both Salman and Putin said during the talks in Moscow, that the two countries are speeding up their bilateral process to overcome the still existing differences.

The crown prince added, that “relations between Saudi Arabia and Russia are seeing one of their best stages at the moment.” He stressed, that there is already a common ground for the two countries and a clear mechanism established with which remaining issues can be solved out.

Especially the oil market was emphasized by Salman as a field of cooperation: ” The main thing is that we manage to built a strong foundation as concerns the oil market and prices of energy resources. This offers opportunities for building a strategic future further”.

Russia and Saudi Arabia are the two biggest oil exporters worldwide. Naturally their economies suffered from the heavy drop in oil prices since 2014. Together with other members of the OPEC cartell of oil producing states they recently agreed on limiting their oil output in order to stabilise the prices.
While Russia’s economy, despite being under additional sanctions by the West, is doing relatively well, Saudi Arabia seems to be heavier impacted by the low oil prices, which together with the costs of their war with Yemen cut into their household.
Saudi Arabia has recently downsized it’s social benefits program, increased taxes, started the privatisation of Saudi Aramco, a state owned oil producer and liquidated it’s foreign asset holdings, as shown in the chart below:
Henri Feyerabend | AMN
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Henri Feyerabend
Student of Philosophy from Germany. Aside the daily developments in the Syrian conflict itself, mainly focused on the wider geopolitical context and the dealings of the various parties involved.

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It’s more than pleasing to see Saudi foreign influence spiralling down…

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2017-06-01 02:51