However, the agenda also included issues on which the two sides deeply differ, including the war in Syria.
Russian state media hailed King Salman's visit as evidence that Russia's backing for Mr Al Assad had made Mr Putin "master of the Middle East". Yet, pre-contract negotiations on the subject may commence should all necessary agreements are reached during King Salman's meeting with President Putin.
Saudi Arabian King Salman bin Abdul Aziz harshly criticised Iran on his first visit to Russian Federation, which has close relations with the Islamic republic.
Russian President Vladimir Putin said this week that a pledge by the Organization of the Petroleum Exporting Countries and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018.
OPEC members have joined with Russian Federation and other countries in cutting crude output in a pact that has helped prop up prices.
The message of further joint Saudi-Russia action on output helped push up oil prices on Thursday.
Brent for December settlement gained 40 cents to $56.20 a barrel on the London-based ICE Futures Europe exchange, after declining 20 cents on Wednesday. This leaves Moscow aligned with Saudi Arabia's arch-rival Iran, whose influence Riyadh fears is growing in the region.More news: Walmart Acquires Same-Day-Delivery Startup
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His Saudi counterpart, Adel al-Jubeir, said new horizons had opened for Russia-Saudi ties that he could not previously have imagined. "We seek to strengthen bilateral relations for the sake of peace and security, for the sake of the development of the global economy", the Saudi monarch stressed.
A slew of investment agreements would be signed during King Salman's trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised then, as part of efforts by two of the world's biggest oil producers to expand cooperation.
The Russian Energy Ministry quoted Novak as saying in an interview with the Financial Times that the deals would include a $ 1.1 billion agreement by which Russian petrochemical company Sibur will build a plant in Saudi Arabia.
RDIF head Kirill Dmitriev said his fund was interested in partnering with Saudi investors to acquire a minority stake in Russian oilfield services firm Eurasia Drilling.
Russian Energy Minister Alexander Novak said that the value of investment agreements expected during the visit is more than $3 billion.
The Russian Direct Investment Fund (RDIF) will also sign an MoU with Aramco and Saudi's Public Investment Fund (PIF) for investments in energy services and manufacturing, one of the sources said.