The sources did not disclose further details, but any cooperation in Asia between Russia and Saudi Arabia - the world's two biggest oil exporters - would be unprecedented. "It is a new 'axis of love'," one senior Gulf official said of the relationship. Saudi's then oil minister, Ali al-Naimi, retaliated by saying the Russian oil output would collapse as a result of low prices, a prediction that turned out to be wrong. When oil prices collapsed, both economies were driven into deficit after years of high spending and are only now slowly recovering. Saudi Arabia and Russia say they will remain in partnership long after the current output reduction deal expires.

Source: bd News24 June 01, 2017 11:26 UTC