Saudi King Salman has arrived in Moscow on the first-ever visit by a Saudi monarch to Russian Federation.
RBC Capital Markets' Global Head of Commodity Strategy Helima Croft told CNBC on Tuesday that the $1 billion deal was "just the tip of the iceberg" and that she expected a lot more cooperation and joint ventures on oil, energy, infrastructure and public investment projects.
During the visit Saudi Arabia and Russian Federation plan to set up a $1 billion fund to invest in energy projects as part of efforts by two of the world's biggest oil producers to expand cooperation, Reuters quoted.
Earlier, Russia invited Turkmenistan to join the OPEC oil output cut deal.
General Authority for Statistics figures show that Saudi Arabia's gross domestic product (GDP) shrank by 2.3 percent in this year's second quarter compared with the first three months of 2017, mainly over low oil prices and less production.
Asked about ties with Riyadh during a panel discussion at an worldwide energy conference Wednesday, Putin responded that Moscow doesn't see close U.S. -Saudi relations as an obstacle for closer cooperation with the Saudis, and added that alliances tend to shift.
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A university in Saudi Arabia has said it will open a driving school for women, in a first for the ultra-conservative country after a ban on women driving was lifted.
"We are not at the point where the oil price is safe", he warned.
The two countries led the agreement between OPEC and non-OPEC producers to cut crude production till the end of March 2018.
The reductions will be on the same terms as those agreed in November.
Saudi Arabia, the world's top oil exporter and the largest economy in the Middle East, has taken a series of austerity measures since oil prices collapsed in mid-2014.