We're not satisfied yet with markets, Saudi oil minister says

Saudi Arabia's King Salman arrives in Moscow

Russia and Saudi Arabia will sign joint investment agreements worth more than $3 billion during the visit, Russian Energy Minister Alexander Novak was quoted as saying on Wednesday.

Any sign that the deal could unravel could see oil and gas prices fall back down, pinching the finances once again for countries like Saudi Arabia and Russian Federation.

Saudi King Salman is in Russian Federation on a state visit, the first to Moscow by a reigning Saudi monarch. "Saudi Arabia's position is among the worst of the Gulf Cooperation Council countries", he added.

A frame grab taken from footage released by Russia's Defence Ministry November 26, 2015, shows a Russian S-400 defense missile system deployed at Hmeymim airbase in Syria.

Iran and Saudi Arabia have supported opposing sides in ongoing conflicts in Syria and Yemen.

"This is a landmark event", Mr Putin said in televised comments before the meeting at the Kremlin's opulent St Andrew's Hall. "The market can absorb it", he said, speaking at an energy forum in Moscow.

Tass reported that Moscow is hoping Saudi Arabia investment in Russian Federation will surpass $1 billion after the visit.

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Saudi Arabia does most of its trading with the United States but may be looking to diversify that.

The two countries plan to cooperate on energy, economic development and regional security and have already signed a $1 billion energy investment deal.

The parties discussed the potential of investment cooperation, in particular, in the oil and gas sector. "Falling back to the old scheme with decent US shale-supply growth expected for next year is not an option". "Do you feel that US allies are sort of moving away from the United States of America and going elsewhere, maybe forming new alliances?" a journalist asked. We don't know. Who knows what they have there and where. "I don't see our relationships with any of the major countries changing", Nauert responded.

Both Russia and Saudi Arabia rely heavily on oil revenues and were hit by the slump in world energy prices.

Expanding on this, Ahmad continued: "In the past, Saudi Arabia has expressed a commitment to increased production cuts to bolster the market". The sanctions that the West and the US imposed on the Russian oil and gas industry may become a serious problem for Saudi companies that wish to invest in Russian projects.

The Kremlin said ahead of the visit that Salman and Putin would also discuss the Middle East, "especially focusing on conflict situations in the region". The heads of the countries of the Middle East maintain close ties with Moscow.

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