Saudi Arabia's Energy Minister Khalid Al-Falih said the partnership between Moscow and Riyadh has inspired unprecedented cooperation from 24 oil-producing states, including Organization of Petroleum Exporting Countries members and non-OPEC nations.
The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russian Federation for the first time this week. "I´m discussing." Venezuela´s oil minister, Eulogio del Pino, also said there were discussions on whether to cut further or extend the deal.
These agreements are "expected to play a pivotal role in the growth and development of the military and military systems industry in Saudi Arabia", Saudi Arabian Military Industries (SAMI), the Sunni state's military industries firm said.
Together they produce about a quarter of the world's oil and past year clinched a deal created to eliminate a global supply glut, in part triggered by the rapid rise in American production.
"Bullish comments from the Russian and Saudi Energy ministers are helping arrest the recent decline in oil prices", said Stephen Brennock, analyst at London brokerage PVM Oil Associates.
A Saudi-Russian business forum is also taking place during the King's visit. Saudi Arabia is one of the biggest spenders in the world.
Putin has a passion for cars and once took former U.S. President George W. Bush for a drive in his vintage Soviet Gaz-21 at his residence outside Moscow.
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As leader of Saudi Arabia, King Salman travels in rarefied air.
Ties between the two countries were often strained in the past.
Saudi king at airport, Russian Deputy Prime Minister Dimitriy Rogozin and Russian Foreign Minister Mikhail Bogdanov welcomed.
The OPEC deal was aimed at reducing a global oil glut that had seen crude prices plummet from over 100 dollars a barrel in 2014 to a 13-year low of under 30 dollars last year.
Vision 2030, a blueprint for Saudi Arabia to move its economy away from oil, is driving that change.
But, aside from these important deals, Prince Mohammed and Putin were able to lay the ground for close coordination between OPEC and Russian Federation in the sensitive and highly unstable oil production market.
At the same time, Riyadh, in common with Israel, will raise with Moscow its concern that these zones may guarantee a long-term presence for Iranian and Hezbollah troops inside Syria.