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.
Referring to Iraqi Kurdistan's independence referendum, Putin said Russian Federation has historically good relations with the Kurds, but in the issue of Iraqi Kurdistan Moscow believes everything must be done not to escalate the situation.
"Today we alone as the Russian Direct Investment Fund announced deals worth $2.1 billion", said Kirill Dmitriyev, the head of the fund set up to attract investment.
UAE: NOC to reduce oil production in November as expected by OPEC
This should help draw down the massive 3 billion barrels of surplus crude oil that now plagues the oil industry. One expert told the media the momentum in the physical and financial markets will boost oil prices .
On Wednesday, Putin, during the Russian Energy Week, said that he would discuss with the Saudi monarch the possible prolonging of the agreement for reduction of oil production among the member and non-member countries of the OPEC.
While Russia and Saudi Arabia are partners on the oil market, they are at loggerheads on Syria, where Moscow supports President Bashar al-Assad and Riyadh backs the opposition.
Before the visit, Russian Foreign Minister Sergei Lavrov described the event as "an historical moment".
TransCanada spikes Energy East
Gallant says Energy East, which would have would have created jobs in New Brunswick and helped the Canadian economy. December 17, 2015: TransCanada files an amended application and cost estimate of $15.7 billion for Energy East.
A package of investments announced during the visit will help cement the new relationship and go some way toward plugging the vacuum left by sluggish Western investment in Russian Federation that is, in part, a result of global sanctions imposed after Moscow annexed Crimea in 2014.
"We aim to strengthen our relations in the interests of peace and security, in the interests of developing the world economy", the Saudi king responded. Despite regional disagreements, the two major oil-producing nations found common ground on energy policy in November, when they led a deal between OPEC and non-OPEC states to cut production in a bid to shore up crude prices. "But as I think of fundamentals I am more optimistic than I have been in the last two or three years, demand is healthy around the world in developed and developing countries", said the minister. He also said he had accepted the king's invitation to visit Saudi Arabia.
Saudi-U.S. ties grew strained under the Obama administration over its backing of a nuclear agreement with Iran and its cautious stance on the Syrian conflict.
Sunny, high near 70 — TODAY'S FORECAST
Thursday , there is a 70 percent chance of storms before 1 p.m., with more rain and storms after 1 p.m., the weather service said. Tonight the NWS is calling for a low around 44 with the winds turning to the south, but remaining calm at 5 to 7 miles per hour .
Tensions have steadily risen between the US and Russian Federation even since Trump took office early this year. The Russian president said threats like Trump's warning last month in NY that the USA would "totally destroy" the isolated Communist state if it strikes at it is leading to a "very risky dead end".