Powerful Saudi prince to meet Putin in Russian Federation

The Saudi Ambassador also uncovered that several Saudi officials had lately visited Russian Federation to enhance relations between both countries.

Russian Energy Minister Alexander Novak hosted his Saudi counterpart, Khalid al-Falih, in Moscow just weeks after both sides tabled a proposal that led to the formal acceptance of an agreement to extend a multilateral agreement to curb crude oil production for nine months.

The two countries have moved closer in recent years, despite Moscow's close relationship with Iran and military backing for Bashar al-Assad in Syria's brutal war.

Mr Putin hailed the strengthened relationship between Moscow and Riyadh and said he was waiting for King Salman to become the first Saudi monarch to visit Russian Federation.

The two hydrocarbon producing giants have found common ground, however, in their cooperation on oil.

The two kickstarted an output cut agreement between OPEC and non-OPEC oil-producing nations when they met in Beijing previous year. "We are moving forward quickly and in a positive way", he added.

"The most important thing is that we are succeeding in building a solid foundation to stabilize oil markets and energy prices", Prince Mohammed said.

Last week OPEC agreed to extend its existing production cuts by nine months - more than the initially suggested six months - in tandem with non-OPEC producers, including Russian Federation.

"We appreciate your ideas and joint work on collaborative action by Opec and non-Opec countries, " Mr Putin told Prince Mohammed, Tass reported.

Putin told Prince Mohammed that Moscow and Riyadh "together were working on the issues of resolving hard situations, including in Syria".

It was a way of "explaining to the global community why it was necessary to continue to impose measures to pressure Assad, including militarily", Putin said.