He also drew the attention that the Saudi Russian relations are now witnessing an historic point as they have become institutional ties including numerous ministries and sectors, noting the investments launched and their role in enhancing trade between the two countries. The agreement was due to expire in March 2018.
In Russia, King Salman also called on Iran to "stop interference in the region's affairs and destabilizing the region", stressing that the security and stability of the Gulf region and the Middle East are an absolute necessity for achieving worldwide security and stability.
The Saudi foreign minister also uncovered that his country is working closely with Russian Federation on uniting Syria's opposition.
The two countries have already struck a deal on weapons sales and leaders discussed the oil market and Syrian crisis.
He also referred to the Saudi Arabia' rapprochement with Russian Federation, saying almost 10 months after a change of administration in the United States, "the damage the Obama administration has done to the Middle East still looms large in the minds of many Arabs and many Muslims".More news: U.S. services growth remains robust, though future expectations ease
Russia's success means the diplomatic energy in Syria has shifted towards the joint Russian-Turkish-Iranian formation of four de-escalation zones in Syria, a process that Saudi now pragmatically has been forced to support.
"We strive to continue the positive cooperation between our countries to achieve stability on world oil markets which promotes the growth of the world's economy", King Salman said.
"The ongoing change in Russia's energy balance will reduce domestic oil consumption, and the methods for coal use will become more environmentally friendly", Putin said.
The visit comes after decades of tensions, most recently over the war in Syria, where Saudi Arabia had backed the Sunni rebels fighting to oust President Bashar Assad, while Iran had teamed up with Russian Federation to strengthen his control.
Lavrov also said the two sides "signed a whole package of intergovernmental and interdepartmental agreements, and large-scale commercial contracts".
Russian Federation is not a member of the oil cartel Opec, but it has collaborated with Opec members on suppressing production to drive up oil prices.