Several investment deals, including on a liquefied project and petrochemical plants, could also be signed during the trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised. Russia's role grows, and this powerful country is ready to play Middle East mediator during King Salman's visit to Moscow.
Earlier, Russia invited Turkmenistan to join the OPEC oil output cut deal.
Saudi Arabia, a country ultraconservateur governed by a version rigorist islam was the only State in the world to impose such a prohibition.
Saudi Arabia has voiced its interest in launching ventures in Russia's Arctic oil and gas fields over nearly a decade. OPEC will discuss the possibility of a further extension at a ministerial meeting next month.
In a sign of the meeting's significance, King Salman is also attending - marking the first ever state visit to Russian Federation by a Saudi monarch.
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Trump has previously kept the door open to possible talks with North Korea . "That would calm things down a lot", Tillerson said. After oil sanctions, North Korea's leaders have hinted that more ballistic missile and nuclear weapons tests will take place.
"We are awaiting the king's visit on Thursday", President Vladimir Putin's foreign policy aide, Yury Ushakov, was quoted by the state TASS news agency as saying.
Saudi King Salman began a visit to Russian Federation on Wednesday that is expected to see him and his delegation sign a number of bilateral agreements, including an arms deal.
The meeting in Moscow comes hot on the heels of a plan by Russian Federation and Saudi Arabia, the de facto leader of OPEC, to set up a $1 billion fund to invest in energy projects, announced by Novak on Monday.
Russia, which sits on the world's second-largest gas reserves can help the kingdom meet its growing demand for electricity and Riyadh, which is set to take Aramco public next year in what is slated to be the largest listing of its kind, is a welcome investor in Moscow.
Calculations from commodity pricing group S&P Global Platts show total Russian oil production for August was down 337,000 barrels per day from the 11.24 million barrels per day in October, the month that OPEC uses to gauge compliance. It was subsequently extended through March 2018.
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