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In a sign of the meeting's significance, King Salman is also attending - marking the first ever state visit to Russian Federation by a Saudi monarch.

"We are awaiting the king's visit on Thursday", Ushakov said Monday, without elaborating. Earlier today, Russia's Foreign Minister Sergey Lavrov told a pan-Arab daily, Asharq al-Awsat that Moscow is committed to working with Riyadh to continue the implementation of the deal, Reuters reported.

"Minister of Energy, Industry and Mineral Resources of Saudi Arabia has already been to Moscow and St. Petersburg several times, he already had talks with around ten leading Russian energy companies and they already have certain developments, projects, plans for cooperation", he said.

Saudi Arabia, the Arab world's largest economy and Opec's largest oil producer, is moving ahead full throttle.

"King Salman doesn't do courtesy calls".

Calculations from commodity pricing group S&P Global Platts show total Russian oil production for August was down 337,000 barrels per day from the 11.24 million barrels per day in October, the month that OPEC uses to gauge compliance.

Al-Rasi described the visit as important in its content and timing for being King Salman's first trip to Russian Federation in the historic and long-term relations between both countries.

Producers agreed to extend the cuts for nine more months, ending in March 2018.

Rahul Prithiani, director at CRISIL Research, stated, "With high adherence by OPEC members to the output cut decision in recent months, the market is seen tightening". As of Tuesday midday, benchmark Brent crude was trading at $56.04 a barrel and West Texas Intermediate (WTI) at $50.51 with concerns of an over-supply still at the forefront of investors' minds.

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

Saudi Arabia, the world's top oil exporter and the largest economy in the Middle East, has taken a series of austerity measures since oil prices collapsed in mid-2014.