"The fundamentals of our relationship are mostly based on defence, counter-terrorism and energy. These are strong pillars that need to be nurtured and maintained," Detroit-born Rakolta said.

Jafurah could generate $8.6 billion a year in income and contribute $20 billion a year to the Saudi Arabia's GDP.

“GDP growth in Saudi Arabia is projected to see an upturn in 2020,” said Kholifey. “Monetary, fiscal and structural policies in my country are all geared towards an expansion of the private non-oil sector GDP over the medium term,” he said.

Despite the partial recovery, oil prices are still far below the level many OPEC members need for their budgets to balance.

Turkey had invested around $40 billion in renewables over the last decade

Russia’s RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion.

Leviathan, one of the world’s biggest offshore gas discoveries of the last decade, has turned Israel into an energy exporter in a tumultuous region and has weaned it off more polluting imports, notably coal.

OPEC members and allied oil producers, the so-called OPEC+, have agreed to cut their crude oil production by an additional 500,000 bbl/d until their next meeting in early March 2020.

Iran’s support for any output reduction agreed by a majority of OPEC member states

"The contract core sum is $876 million and with its side costs the investment will reach $1.3 billion," Zanganeh said.

The Russian delay is sure to frustrate OPEC kingpin Saudi Arabia, which had called for the collective to immediately implement deeper cuts of 500,000 b/d or more amid the sell-off in crude prices.

The EU has agreed to sanctions against two officials from Turkey’s state petroleum company.

Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz "thoroughly discussed" the current oil market conditions as prices have fallen by more than 20% in the past three weeks amid global oil demand concerns, a Kremlin statement said late Monday.

In accordance with Bahrain’s national energy plan, renewable energy will be an area of particular interest in order to consider potential business opportunities. In the LNG sector, the collaboration will target a more sustainable and efficient energy mix to meet Bahrain’s future energy needs. Eni’s unique know-how and expertise will also be leveraged to evaluate further exploration opportunities.

Saudi Arabia over-complied with its quota of 10.31 million b/d last year under the old agreement with the 23-member OPEC/non-OPEC coalition, collectively known as OPEC+, as the country made up for laggards Iraq and Nigeria, which flouted their quotas for most of last year.