Saudi king, Putin agree deals on historic Russian Federation trip

The Kremlin said ahead of the visit that Salman and Putin will discuss "the situation in the Middle East and North Africa, especially focusing conflict situations in the region".

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.

Khalid Bin Abdulaziz Al-Falih, Saudi Arabia's energy minister and president of OPEC, speaks as Alexander Novak, Russia's energy minister, left, listens during a news conference following the 172nd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, May 25, 2017.

Saudi Arabia on Thursday signed preliminary agreements to buy S-400 defence systems and receive cutting edge technologies from Russian Federation during King Salman's landmark visit to Moscow.

These agreements are "expected to play a pivotal role in the growth and development of the military and military systems industry in Saudi Arabia", Saudi Arabian Military Industries (SAMI), the Kingdom's military industries firm said. That marked a shift for the kingdom, which buys most of its military supplies from the United States and Britain.

King Salman, who is worth a reputed $17billion, was in Russian Federation to discuss cooperation on oil production and their differences over Syria and Iran.

King Salman called Russian Federation a "friendly" country and told Putin that their talks will boost the global economy as well as help create worldwide stability and security.

Speaking alongside Lavrov, Saudi Foreign Minister Adel al-Jubeir said that Moscow and Riyadh agreed on the need to preserve Syria's territorial integrity.

"The visit is just the latest sign of increasingly cordial relations and closer economic and political ties between the two oil giants", reports CNBC.

This is also the first time in recent years, according to SIPRI, that Saudi Arabia has purchased weaponry from Moscow, as the USA is Riyadh's main source of arms.

Another memorandum of understanding was signed under which Sibur, Russia's largest producer of petrochemicals, would explore cooperation with Saudi Arabia.

The king has brought a massive delegation of Saudi businessmen with him, and the two parties are expected to negotiate new investment deals, including in the energy sector.

At the core of Saudi Arabia's regional woes is its rival Iran, which is backed by Russian Federation.

But OPEC - led by Saudi Arabia, which holds the world's largest oil reserves - and Russian Federation, a non-OPEC member which nonetheless is a major oil producer, recently reached a broad agreement on production cuts across OPEC and non-OPEC states created to push prices back up. USA light crude was up 10 cents at $50.08.

Along with continuing to talk up the success of its efforts to cut production, Russian Federation also said it could extend its current output agreement with Opec until the end of 2018.

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