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Khalid Bin Abdulaziz Al-Falih, Saudi Arabia's energy minister and president of OPEC, speaks as Alexander Novak, Russia's energy minister, left, listens during a news conference following the 172nd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, May 25, 2017.

Falih said oil demand was healthy around the world, and there was a steady reduction in global oil inventories.

"Russia's energy balance is one of the cleanest among the world's largest economies", the president said while addressing a plenary session of the Russian Energy Week (REW), which kicked off in Moscow on October 3.

King Salman of Saudi Arabia will visit Russian Federation on Thursday, senior Kremlin aide Yury Ushakov was quoted by the TASS news agency as saying.

For years, the world's biggest oil producers have clashed over Middle East politics and battled for energy market share.

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"Shale coming in and happening again in 2018 doesn't bother me at all".

Russian President Vladimir Putin said Wednesday a global military strike to disarm North Korea is "indeed" possible, But he also contended the results would be unpredictable given it is a "closed country" and full information on the location of its weapons isn't available. "We'll be able to sustain the issue of cooperation beyond the issue of supply and demand and stocks, to begin to address issues like investments".

Putin did praise Trump as someone who will "never be anybody's hostage" but indicated that relations between Moscow and Washington, D.C., have been soured by domestic political fighting in the U.S. The Russian president spoke ahead of meetings with the leaders of key OPEC members, Saudi Arabia and Venezuela.

Falih said that Saudi Arabia wants to develop ties with Russian Federation further, particularly in the private sector. "Nobody knows with 100 percent certainty as it's a closed country", Putin said.

The Russian Direct Investment Fund on Thursday will also sign an MoU with Aramco and Saudi's Public Investment Fund for investments in energy services and manufacturing.

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