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Kremlin Says Russia and Iran Continuing Work on Cooperation Pact, Schedule May Shift 

The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)
The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)
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Kremlin Says Russia and Iran Continuing Work on Cooperation Pact, Schedule May Shift 

The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)
The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)

Moscow and Tehran are continuing their work on a comprehensive bilateral cooperation agreement, although the schedule of specific events may shift, Kremlin spokesman Dmitry Peskov said on Tuesday, adding Russia intended to develop ties with Iran. 

Earlier Russia's RIA state news agency reported that the agreement had been temporarily suspended due to problems faced by Iranian partners, however Iran's ambassador to Moscow Kazem Jalali said this was not the case, according to a statement carried by Iran's official news agency IRNA.  

Since the state of the war in Ukraine, Russia has moved to strengthen its political, trade and military ties with Iran in a deepening relationship that the United States and Israel view with concern. 

Moscow and Tehran are pushing against what they see as damaging US foreign policy and want to establish what they say would be a fairer multipolar world order. 

Work on a new major agreement between Moscow and Tehran was announced in September 2022 during a meeting between Russian President Vladimir Putin and late President Ebrahim Raisi. 

Raisi, a hardliner seen as a potential successor to Supreme Leader Ali Khamenei, was killed when his helicopter crashed in May. 

In January, Russia's Foreign Ministry had said a new interstate treaty reflecting the "unprecedented upswing" in Russia-Iran ties was in the final stages of being agreed, and Putin and Raisi were expected to sign it soon.  

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.