Saudi Arabia's King Salman bin Abdulaziz landed in Moscow on Wednesday for a historic State visit.
The visit comes after decades of tensions, most recently over the war in Syria, where Saudi Arabia had backed the Sunni rebels fighting to oust President Bashar Assad, while Iran had teamed up with Russian Federation to strengthen his control.
Briefing the media on the talks between Putin and King Salman, Russian Foreign Minister Sergey Lavrov focused on the common ground between the two countries.
According to the Kommersant newspaper, Salman and Putin reached an agreement on a $3bn (€2.57bn) arms deal to supply the Saudis with Russia's most advanced air defence missile system, the S400 Triumph.
Iran and Saudi Arabia have supported opposing sides in ongoing conflicts in Syria and Yemen. That agreement, to March 2018, could be extended, President Putin told reporters yesterday.
He added that consultation between the Kingdom and Russian Federation is continuing and is considered constructive in all fields and that "we are confident that the two countries would contribute to bringing about security, peace and stability to the region and the world at large".
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We've only met once, " Putin said at the Russian Energy Week conference in Moscow, talking about his personal relations with the US President.
Riyadh has had to slash subsidies and delay major projects since the mid-2014 price on crude, and Salman is keen to continue efforts to control output to bolster prices.
An extension of the OPEC deal was possible and could last "at least to the end of 2018", said Putin on Wednesday.
The visit aims to eliminate elements that affected the relations, or as the Russian Ambassador in Saudi Arabia said that some parties are trying to target the Saudi-Russian relations through the Syrian issue. Oil rose after Mr Putin's statement.
The King, who arrives in Moscow on October 5, will have several investment deals on his plate, including on a liquefied natural gas project and petrochemical plants, and could also sign plans for a $1-billion fund to invest in energy projects.
He said Russian Federation advocates constructive, predictable and mutually beneficial cooperation based on the principles of equality, mutual respect, respect of national interests and non-interference in each other's internal affairs. Although Chechnya has a population of just over one million, Mr Kadyrov is one of Russia's most influential officials.