Source: Investment Research Dynamics, by Dave Kranzler
Russia and Saudi Arabia signed six new cooperation deals last Thursday in an event that signifies a reversal of Saudi Arabia’s relationship with Russia under its new king. The six new cooperation agreements will advance the relationship between the two countries in all areas of commerce and included the areas of military and nuclear activities.
Perhaps most significant was statement from Saudi Arabia’s oil minister, Ali al-Naimi, who issued a statement about advancing the cooperation between Saudi Arabia and Russian in the oil market:
This, in turn, will lead to creating a petroleum alliance between the two countries for the benefit of the international oil market as well as producing countries and stabilizing and improving the market.