"Cooperation between Russia and Saudi Arabia has huge potential, but [it] has not been sufficiently fulfilled to date. Most importantly, we are moving in this direction," Novak said.
Novak also stressed, that the Saudi part showed hospitality during his first visit to Riyadh.
According to Novak, the Russian delegation saw sophisticated culture of production and highly professional management during its visit to the state-backed oil company Saudi Aramco and discussed the prospects for technological cooperation.
Earlier in the day Saudi Arabia’s Energy Minister Khalid al-Falih said that he expected the oil producing states to reach a common decision at the Organization of the Petroleum Exporting Countries (OPEC) meeting in late November.
Novak arrived in Saudi Arabia on a two-day visit to discuss relations between the two nations, as well as cooperation with the Organization of the Petroleum Exporting Countries (OPEC).
In late September OPEC member states agreed on cutting its oil production for the first time in eight years.
The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30.