Russian President Vladimir Putin and Saudi Arabia's King Salman
Russian President Vladimir Putin and Saudi Arabia's King Salman attend a meeting in Riyadh, Saudi Arabia, October 14, 2019. Image Credit: REUTERS

Moscow: Russian President Vladimir Putin’s visit to Saudi Arabia on Monday and the UAE are expected to seal oil agreements.

Oil will be “the main topic of discussion” between the leaders, Russian political analyst Fydor Lukyanov said, as a deal between the 24 members of the Organisation of the Petroleum Exporting Countries (Opec) is due to expire next spring.

Russia is not a member of Opec, headed by Saudi Arabia, but it has worked closely with the group to limit supply and push up prices after a 2014 slump that badly hit the Russian economy.

“We will absolutely work with Saudi Arabia and our other partners and friends in the Arab world ... to reduce to zero any attempt to destabilise the oil market,” he said in the interview broadcast Sunday.

The visit is expected to result in around 30 agreements and contracts, according to Kremlin adviser Yuri Ushakov.

Around a dozen of these — in the advanced technology sectors, energy and infrastructure — will be signed by the Russian Sovereign Fund and are worth around $2 billion.