Saudi king arrives in Moscow on first historic visit to Russian Federation

A Hercules Offshore Inc. jackup shallow-water drilling unit stands idle in the Gulf of Mexico off the coast of Cameron Louisiana U.S. on Saturday

The deal is to be officially unveiled this week during the historical visit of King Salman to Moscow.

"The visit of the Saudi Arabian king [Salman bin Abdulaziz Al Saud] and his big delegation is considered to be historic, as this is the first visit of the head of the Kingdom to Russian Federation".

According to sources, OPEC's biggest crude producer is considering investing in Russia's largest oil drilling contractor, Eurasia Drilling Co., and Novatek PJSC's proposed Arctic LNG 2 project.

The state has been forced to cut government subsidies and delay large-scale projects in an attempt to cope with the deficit spurred by a 2014 drop in the price of crude.

Auto manufacturers -including Nissan, Chevrolet or Ford - were quick to "congratulate" Saudi women and their "welcome" in their universe, while saudi Arabia could count millions of new motorists in the coming years.

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Chris Weafer, senior partner at Macro Advisory Partners, told CNBC on Tuesday that King Salman's attendance at the meeting was "very significant".

Relations have begun to improve in recent years.

A university in Saudi Arabia has said it will open a driving school for women, in a first for the ultra-conservative country after a ban on women driving was lifted. RBC Capital Market's Helima Croft believed the deal could be extended to June; meanwhile, Macro-Advisory's Chris Weafer said the deal could be extended to run until fall 2018, saying that oil markets were not yet stable. "With the rise in prices, we expect the U.S.to continue pumping higher output, thus impacting market rebalancing".

The reductions will be on the same terms as those agreed in November.

Salman's visit comes after Russian Foreign Minister Sergei Lavrov visited Saudi Arabia last month, as part of a tour of the Gulf region to discuss regional developments including the conflict in Syria and the months-long quarrel between several Arab countries and Qatar.

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