Oil and the Syrian conflict were discussed as Russian president Vladimir Putin hosted King Salman in Moscow, the first time a Saudi monarch has visited the country.
At the Kremlin’s opulent St Andrew’s Hall, Mr Putin in televised remarks hailed the king’s visit as a “landmark” event.
Salman in his reply called Russia a “friendly nation” and said his country is committed to strengthen ties “in the interests of peace and security”.
Relations between the two countries have often been strained.
During Cold War times, the Saudis helped arm Afghan rebels fighting against the Soviet invasion.
The kingdom, much like Russia, has been hit by the fall in oil prices since mid-2014.
Despite regional disagreements, the two major oil-producing nations found common ground on energy policy in November, when they led a deal between Opec and non-Opec states to cut production in a bid to shore up crude prices.
So far that deal is holding and prices have recovered slightly to above 50 US dollars a barrel.
In an apparent reference to the output deal, Salman told Mr Putin that Saudi Arabia is “eager to continue the positive cooperation between our nations in the world oil market, which fosters global economic growth”.
Russian Energy Minister Alexander Novak told Russian news agencies earlier that non-Opec states would be willing to extend the output cut “if necessary”.
Russia and Saudi Arabia on Thursday also announced major investments and joint ventures to further cement relations, with Mr Putin and Salman signing deals from arms sales to cooperation in space.
Trade volume between the two countries reached 2.8 billion US dollars last year, according to official Saudi press.
Saudi Arabia’s Public Investment Fund, the kingdom’s sovereign wealth fund, announced in 2015 plans to invest 10 billion US dollars in Russia over the next five years, though only a fraction of that has so far been put up.
The Saudis have also been eyeing Russian nuclear power technologies and appear ready to expand food imports from Russia, which is set to remain the world’s biggest wheat exporter this year.
Food security is a major concern for Saudi Arabia, which stopped local production of livestock feed and wheat due to water scarcity.
Analysts say Salman’s trip to Moscow is the clearest sign yet that Russia’s strategy in the Middle East, including its high-risk show of military power in Syria, has paid off.
Salman’s visit caps off a number of visits to Russia over the past two years by Gulf royals, including by his heir and son.
The Saudi monarch’s visit comes after decades of strained relations.
More recently, tensions were high over the war in Syria.
Russia and Iran have staunchly backed Syrian president Assad while Saudi Arabia has supported the Sunni rebels fighting to oust him.
However, relations have begun to improve in recent years and Salman’s heir, Crown Prince Mohammed bin Salman, has held several meetings with Mr Putin.
Salman said at the talks in Moscow that Saudi Arabia calls for a political solution in Syria that “guarantees security and stability and the preservation of Syrian sovereignty”.
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