Saudi economy shrinks over the first two half of 2017

Saudi economy shrinks over the first two half of 2017

Saudi economy shrinks over the first two half of 2017

Saudi Arabia's Princess Nourah University will open a driving school for women after a ban on women driving in the country was lifted recently.

As part of the four-day trip, the king is due to meet with Russian President Vladimir Putin on Thursday for talks in the Kremlin expected to focus on the global oil market and the conflict in Syria.

Saudi Arabia has its economy based on the oil sector.

"Too much in this world, and particularly in the Middle East, depends on Saudi Arabia and Russia", Ozerov said.

In 2016, Russian Energy Minister Novak visited Saudi Aramco when he visited the Kingdom and met with Khalid Al-Falih, Minister of Energy, Industry, and Mineral Resources and Chairman of Saudi Aramco when they discussed topics of mutual interest. The fund is expected to be finalized this week in Moscow and is created to "extend cooperation" between the world's largest oil producers. In June 2017, the oil producers agreed to extend those cuts until March 2018. As of Tuesday midday, benchmark Brent crude was trading at $56.04 a barrel and West Texas Intermediate (WTI) at $50.51 with concerns of an over-supply still at the forefront of investors' minds. The meeting comes before next month's OPEC session that will review the cuts in crude production agreed-upon by petroleum-producing nations including Russian Federation and Saudi Arabia. "With the rise in prices, we expect the continue pumping higher output, thus impacting market rebalancing".

Russian energy minister Alexander Novak told Tass news agency on Wednesday that Saudi Arabia is investing $1 billion into energy projects in Russia though he did not give details or specify if these deals would be signed during the visit.

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