This is the Russia, Saudi oil article but eventually the United States has to consider this; oil belongs to today, natural gas belongs to tomorrow. Like you said they can switch to the euro.
Russia holds the world's largest natural gas reserves (1,700 trillion cubic feet in proven reserves.
Those three countries - Russia, Iran and Qatar - possess about half the proven global natural gas reserves.
They have some good cards. -Am
Russia, Saudi Arabia Sign Oil Agreements
Tuesday September 2, 2003 7:59 PM
By VLADIMIR ISACHENKOV
Associated Press Writer
MOSCOW (AP) - Russia and Saudi Arabia - the world's largest oil exporters - signed oil industry cooperation agreements Tuesday during a landmark visit to Moscow by the Arab kingdom's ruler.
The two sides also were expected to take up the sensitive question of whether rebels in the secessionist republic of Chechnya receive funding from Saudi charities.
Crown Prince Abdullah, who met with President Vladimir Putin, is the first Saudi head of state to visit post-Soviet Russia. A Saudi crown prince last visited in 1932.
``This day will go down in history as it opens a new era in the Saudi-Russian relations,'' the prince said during talks with Putin and other officials.
Putin hailed Saudi Arabia as ``one of the most important Muslim nations. We have always considered the Muslim world, the Arab world, as one of our most important partners.''
After talks, Russian and Saudi energy ministers signed a five-year agreement on cooperation in the oil and gas industry. The deal also calls for joint ventures in oil and gas exploration and scientific research, according to the text released by the Russian Cabinet.
Russia is the world's second-largest oil exporter behind Saudi Arabia.
The two countries were also expected to address the situation in Iraq and the Middle East peace process. Riyadh hopes the visit will strengthen Russia's support for Arab causes, particularly the Palestinian issue.
Russia is a member of the so-called Quartet, along with the United States, the European Union and the United Nations, which drafted the ``road map'' plan for Middle East peace leading to Palestinian statehood.
Moscow officials have said they expected talks with the Saudi ruler to also focus on joint efforts to combat terrorism. Riyadh has faced widespread international criticism for being unable to control terrorist organizations allegedly operating in Saudi Arabia. Fifteen of the 19 hijackers in the Sept. 11 attacks were Saudi citizens.
Moscow has accused Saudi charities of providing financial support Chechen separatists, who are mostly Muslim. Russian officials have maintained that the Chechen gunmen who seized a Moscow theater last October made calls to Saudi Arabia during the siege.
With Muslims making up about one-seventh of Russia's population of 145 million, Putin has expressed a desire to see Russia become an observer nation in the Organization of Islamic Conference, a grouping of Muslim-majority countries. That issue also could be raised during Abdullah's visit, according to Russian media reports.
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