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Oil traded near $50 a barrel in NY as traders weighed a flood of USA crude exports against the possibility of extended production cuts by OPEC and Russian Federation.

Oil giant Saudi Aramco will open an Indian subsidiary next week, three sources said, as the top global oil exporter looks to tap rising demand and invest in the world's third-biggest consumer. According to the expert, the first ever visit of King Salman bin Abdulaziz al-Saud to Moscow is likely to strengthen Russo-Saudi ties.

King Salman reviews an honour guard.

Salman will meet President Vladimir Putin on Thursday and they are expected to discuss extending oil production cuts ahead of the OPEC oil cartel meeting in November.

Vedomosti newspaper reported that Saudi Arabia's sovereign fund is also eyeing investment into a toll road project in Moscow, which would be the first one for the capital.

A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russian Federation.

A number of deals have been signed during this week's trip by King Salman to Russian Federation, the first by a Saudi monarch.

On or hand, two countries continue to cooperate in efforts conducted by OPEC and non-OPEC countries for balancing of oil prices.

Russia, like Iran, is also a key partner of the Syrian government of President Bashar al-Assad, who Saudi Arabia has opposed.

"Shale coming in and happening again in 2018 doesn't bother me at all". Mr Putin has said the zones are vital for ending the conflict. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.

"Venezuela has the full and absolute support of Russia", Maduro said in August, calling Putin a "man of peace".

Through King Salman's visit to Russian Federation, a new phase of a coalition began based on joint interests that will be reflected on the region's stability and security which is a strategic goal both Riyadh and Moscow aim to reach.

Russian analysts say that King Salman is seeking to diversify Saudi alliances because of uncertainty over Donald Trump's Middle East polices.

For Russia, "price gains are more valuable than volume gains - how much can you really pump more from last year's peak production level?" he said. The agreement regulated actions between oil producing countries to cut their oil output, which made it possible to stabilize oil prices on the world market after their considerable decline. It was subsequently extended through March 2018.


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