Saudi Arabia agrees to buy Russian S-400 air defense system

A view shows pipelines at the Zueitina oil terminal in Zueitina west of Benghazi Libya

Russian Energy Minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply.

Saudi Arabia's King Salman is meeting Russia's President Vladimir Putin in the Russian capital on Thursday.

Saudi Arabia's energy minister said that Russian Federation has helped to breathe new life into OPEC and that shale can be a major contributor to the market in years to come.

Saudi Energy Minister Khalid al-Falih talked about the results of the Saudi-Russian agreement on oil, saying that its positive effects would extend to the global economy as a whole.

Analysts see Salman's trip to Moscow, which follows other visits by Gulf royals, as the clearest sign yet that Russia's high-risk gamble in Syria has paid off, the report said.

Speaking at a CNBC-moderated plenary session at Russia Energy week 2017, Al-Falih said that certain market predictions that shale producers would bounce back at certain price points had proven incorrect.

"At the moment, RDIF and Saudi Arabia's Investment Fund have implemented projects worth over $1 billion". The two countries also signed a deal to set up a $1 billion joint investment fund.

The conference concluded with speeches by the Saudi Minister of Trade, the Saudi and Russian Energy Ministers, and the President of the Russian Direct Fund.

"Moscow has been entertaining the idea of selling its weapons to Saudi Arabia but it seems that Riyadh is not ready to go that far", Barmin told CNNMoney. Historically, Saudi Arabia and the former USSR were at odds on nearly every regional conflict, especially during the height of the Cold War.

As for the arms deal, Saudi Arabia is buying the S-400 air defense system, the Kornet anti-tank guided missile systems and multiple rocket launchers.

"There is some interest, of course", he said. "Now after the U.S. began working more closely with Israel, Saudi Arabia has started expanding its global ties".

Both Israel and Saudi Arabia fear that with Russian acquiescence, Iran is building a corridor of territorial control through Iraq and Syria to its powerful proxy Hezbollah on Israel's border in South Lebanon. New York, London and Hong Kong are the main contenders.

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