News from Saudi Arabia
Russia and Saudi Arabia agree on stabilizing oil prices, indications of oil price hike
Hangzhou : Russia and Saudi Arabia have agreed that joint efforts should be made to stabilize the oil market by controlling the oil prices, which are experiencing a fall for two consecutive years. It was informed that the two countries signed an agreement in this regards on the sidelines of the G-20 summit in China. As per the agreement, the two countries have decided to set up a ‘Joint task force’ in order to stabilize the oil market. This decision was welcomed by Qatar, Kuwait and the United Arab Emirates. It is said that this agreement between the world’s leading oil producers may alter the existing equations of the oil market.
Obama Administration supplied Saudi Arabia with arms worth $115 billion – US study-group report
Washington : Despite the tensions generated between the United States and Saudi Arabia due to the negotiations with Iran, a news has come to the fore that the Obama administration has supplied Saudi Arabia with arms worth $115 billion. The Obama administration is facing strong criticism for extending this aid to Saudi, since Saudi used these weapons in the conflict in Yemen. The US Senators have also put forward a proposal to stall even the additional $1.15 billion arms collaboration deal with Saudi. Meanwhile, a few days back, a dispute was generated due to the Obama administration supplying an amount of $1.7 billion in cash to Iran. In July last year, the Obama administration had carried out certain negotiations with Iran concerning its nuclear program.
For more Reference- Oil prices rise with indications of Russia-Saudi Arabia talks