Saudi Arabia and Russia have agreed to oil and energy cooperation, tackling Middle East conflicts and resolving negotiations over Iran’s nuclear program at a meeting between the two nations’ foreign ministers on Friday.
The two countries stressed the need to settle the Syrian crisis based on the Geneva 1 agreement focusing on preserving the territorial integrity of that country, said a joint communiqué issued after the meeting between Prince Saud Al-Faisal and Sergei Lavrov in Moscow.
The two ministers also discussed regional and international issues including the conflicts in Iraq, Libya, Yemen and Palestine, and international and regional efforts to stamp out terrorism.
The two leaders stressed bilateral cooperation under the Joint Economic Committee to boost mutual growth. The countries are two of the world’s largest energy producers.
Speaking after his talks with Prince Saud, Lavrov said there should be no move to cut global oil production.
He said both Russia and Saudi Arabia did not want oil production targets to be affected by “political or geopolitical designs.”
He said Russia and Saudi Arabia believe that prices should be determined by market demand.
Russia’s energy minister, Alexander Novak, said a production cut would be difficult. “Our budget is very dependent on oil revenues. And we don’t have the technology, like Saudi Arabia, to quickly reduce or increase our production,” he told Russian news agencies.
“But this question is under discussion, we are working within the government to understand whether such methods are feasible.”
Lavrov’s meeting with the Saudi minister came ahead of an Organization of the Petroleum Exporting Countries (OPEC) conference on Nov. 27, when members of the 12-nation body will discuss global production levels.
Meanwhile, Lavrov said that “all the elements” were in place to reach an agreement on Iran’s nuclear program. He called for a compromise at the Vienna talks.
Oil price fall, Syrian crisis focus of Saudi-Russia talks
Oil price fall, Syrian crisis focus of Saudi-Russia talks
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
