Saudi King to visit Russian Federation this week

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The King's visit is the first ever trip to Russian Federation by a sitting Saudi monarch.

Oil prices have partly recovered after major producers inside and outside OPEC, including Saudi Arabia, agreed a year ago to cut output by 1.8 million barrels per day to bolster global prices.

General Authority for Statistics figures show that gross domestic product shrank by 2.3 percent in the second quarter compared with the first three months of 2017, mainly over low oil prices and less production.

The Kingdom is looking to acquire stakes in at least two oil and gas companies in Russia, Saudi sources close to the talks told Bloomberg, requesting anonymity because of the private nature of said talks.

Asked about ties with Riyadh during a panel discussion at an global energy conference Wednesday, Putin responded that Moscow doesn't see close U.S. -Saudi relations as an obstacle for closer cooperation with the Saudis, and added that alliances tend to shift.

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The Soviet Union was the first country to recognize Saudi Arabia in 1926, although the unified Kingdom was not officially established until 1932.

Producers agreed to extend the cuts for nine more months, ending in March 2018.

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.

Venezuela has invited Egypt to join the oil output cut deal of OPEC and participating non-OPEC countries, Eulogio Del Pino, Minister of the People's Ministry of Petroleum of Venezuela wrote on Twitter.

Meanwhile, Russian Energy Minister Alexander Novak said in an interview broadcast by Al Arabiya TV on Monday that Saudi Arabia and Russia plan to set up a $1 billion fund to invest in energy projects.

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