King Salman left Riyadh on Wednesday for an official visit to Russian Federation.
RBC Capital Markets' Global Head of Commodity Strategy Helima Croft told CNBC on Tuesday that the $1 billion deal was "just the tip of the iceberg" and that she expected a lot more cooperation and joint ventures on oil, energy, infrastructure and public investment projects.
Saudi Arabia and Russian Federation are on the verge of setting up a joint fund worth $1bn aiming at strengthening energy cooperation between the two giant oil producers.
Moreover, Russia's Energy Minister Alexander Novak has said that Libya is also expected to join the OPEC deal.
Meanwhile in the USA, a Moody's Investors Service study of 37 North American exploration and production companies shows that while the companies have achieved dramatic cost cuts, any improvement in their ability to sustain healthy returns will have to come from commodity prices.
On Saturday, official data showed Saudi Arabia's economy has slipped back into recession as the oil sector stagnates and the government sector is hit by austerity policies created to curb a state budget deficit.
Opposition figure Navalny detained in Moscow
Petersburg of refusing to agree to a suitable location for a campaign rally in that city. He served sentences of 15 days and 25 days for organising unauthorised protests.
Producers agreed to extend the cuts for nine more months, ending in March 2018.
The Soviet Union was the first country to recognize Saudi Arabia in 1926.
Oil prices have failed to see the gains hoped from those cuts, however, with USA shale oil producers coming back online and demand still failing to keep up with supply.
Oil prices have to an extent recovered after major producers inside and outside - including Saudi Arabia - agreed past year to cut output by 1.8 million barrels per day to boost global prices.
Al Turki recalled that King Salman's visit would take place on the background of a highly knotty situation in the Middle East and that is why acute problems, like the crises in Syria and Yemen, and the Kurdish problem would certainly be on the table of discussions between the two countries' leaders.