Saudi Arabia, Turkey have identical views on regional conflicts

February 15, 2017

Riyadh, Feb 15: Ties between the Kingdom and Turkey are set to scale new heights as their interests align on key regional issues following talks between King Salman and Turkish President Recep Tayyip Erdogan here Tuesday.

regional

The summit at Al-Yamamah Palace also focused on bilateral subjects covering political, security and commercial fields.

The talks ahead of the UN-sponsored Syria peace dialogue, have added significance in terms of efforts that have been directed to reach a political solution to the conflict in Syria.

“King Salman and Erdogan expressed satisfaction over the outcome of the first Turkish-Saudi Coordination Council meeting,” Turkish Ambassador Yunus Demirer told Arab News.

Demirer said the two leaders discussed key regional issues like Syria, Yemen, Libya and Iran besides bilateral security cooperation and terrorism.

President Erdogan had separate meetings with Crown Prince Mohammed bin Naif on Monday.

The Turkish president also held talks with Deputy Crown Prince Mohammed bin Salman on Tuesday in which they shared concerns and interests regarding developments in the region.

Demirer said the two leaders expressed “their desire to move forward” … and discussed security, combating terrorism, Syria, Iraq and Yemen.

Demirer added that the two leaders exchanged views on the most pressing issues on the regional and international agenda.

“There were no differences in our views,” said the envoy adding that the meeting with the crown prince focused “on combating terrorism and cooperation on security issues.”

He said it was a very successful visit to move forward after the Turkish-Saudi Coordination Council meeting. “The summit meeting was in way approval of the results of the joint council meeting by both heads of state,” he noted.

Last week the first meeting of the council, co-chaired by Foreign Minister Adel Al-Jubeir and his Turkish counterpart Mevlut Cavusoglu, took place in Ankara.

Syria was a focus point for the president during his meetings with top Saudi officials. On Monday in Manama, Erdogan called for a “safe zone” in northern Syria. The positions of Saudi Arabia and Turkey are “absolutely identical” on Syria, Al-Jubeir said last week in Ankara, after the joint council meeting.

On the sidelines of the visit, a few ministerial bilateral meetings were held. Al-Jubeir met here Monday night with Turkish Foreign Minister Cavusoglu, who is traveling with the Turkish president.

During the meeting, they reviewed bilateral relations and work of the first session of the Saudi-Turkish Coordination. The meeting was attended by Saudi ambassador to Turkey Waleed Al-Khuraiji.

Erdogan wrapped up his two-day visit to the Kingdom on Tuesday evening and left for Qatar. Qatar hosts a Turkish military base.

Representatives of the two countries signed an agreement in the field of housing issues.

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Saudi Arabia slashes oil prices after collapse of OPEC+

Arab News

March 9,2020

Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.

There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.

Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.

According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.

Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”

West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.

The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.

Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.

On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.

In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.

Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”

One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”

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