Saudi, Russian officials sign MoU to confront crime, protect human rights

Saudi Attorney General Sheikh Saud bin Abdullah Al-Mua’jab and his Russian counterpart Yury Chaika sign deal to confront crime, terrorism and corruption. (SPA)
Updated 26 April 2019

Saudi, Russian officials sign MoU to confront crime, protect human rights

  • The two sides agreed that the MoU shall be the basis for cooperation

MOSCOW: Saudi Attorney General Sheikh Saud bin Abdullah Al-Mua’jab and his Russian counterpart Yury Chaika held talks in Moscow on Wednesday on a number of issues of mutual interest.
The two sides signed a memorandum of understanding (MoU) on coordination between Saudi Public Prosecution and Russian Public Prosecution in combating crime and its organized forms, terrorism, corruption, protecting human rights and legitimate freedoms.
The two sides agreed that the MoU shall be the basis for cooperation, based on the principle of equality and mutual respect and in accordance with the laws and regulations prevailing in both countries.
They also agreed on holding joint meetings, consultations, conferences, seminars and discussions, in addition to conducting research to ensure proper exchange of experiences and information related to major issues.
Al-Mua’jab thanked the Russian Public Prosecution for the warm welcome and stressed the historical dimension of Saudi-Russian relations.
“This MoU sheds light on the constantly developing Saudi-Russia relations. It comes in line with the Kingdom’s 2030 Vision, which seeks to promote the Kingdom on all levels, particularly its justice system,” he said.
Chaika stressed the importance of the Saudi crown prince’s visit to Moscow in 2017 and the follow-up trips he made to Russia for the positive impact they have had on Saudi-Russian relations.
He also highlighted the already strong relationship the countries have and the similarities of their approaches when dealing with international issues.


Oil surges on hopes of new deal on output cuts

Updated 02 June 2020

Oil surges on hopes of new deal on output cuts

  • Brent price has doubled in five weeks
  • OPEC talks may be brought forward

DUBAI: Oil prices surged toward $40 a barrel on Monday as hopes rose for an early agreement to extend the big production cuts agreed by Saudi Arabia and Russia under the OPEC+ alliance.

Brent, the global benchmark, jumped by more 9 percent to nearly $39, continuing the surge that has doubled the price in five weeks — the best performance in its history. It recovered after record supply cuts agreed between the 23 countries of the OPEC+ partnership, and enforced cuts in US shale oil.

DME Oman crude, the regional benchmark in which a lot of Saudi Aramco exports are priced, rose above $40 a barrel for the first time since early March.

Market sentiment was buoyed by the possibility that the Organization of Petroleum Exporting Countries would agree with non-OPEC members to extend the cuts for a longer period than was agreed in April.

Oil analysts expect OPEC to fast track a “virtual” meeting to formally agree to maintaining cuts at the record 9.7 million barrels a day level. The meeting was scheduled for June 9, but bringing it forward would allow producers more time to set pricing levels.

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An official with one OPEC delegation told Arab News there was consensus among the 23 OPEC+ members for the new date, which could be as early as June 4. The meeting will also consider how long the current level of cuts would be maintained. Some OPEC members want it to run to the end of the year, other producers would prefer a two-month extension.

Omar Najia, global head of derivatives with trader BB Energy, told a forum run by Gulf Intelligence consultancy: “I’d be amazed if OPEC did not extend the higher level of cuts. As long as Saudi Arabia and Russia continue saying nice things to each other I’d expect the rally to continue.”

A Moscow source close to the oil industry said energy officials there had come to the conclusion that “the deal is working” and it was important to keep prices at an “acceptable” level.

Sentiment was also affected by a comparatively high level of compliance with the new cuts, running at about 75 percent among OPEC+ members, with only Iraq and Nigeria noticeable under-compliers.

Robin Mills, chief executive of Qamar Energy, said: “That’s where I’d expect it to be after two months in such a fluid situation. It will be even better in June.”