The daily business briefing: October 5, 2017

Saudi and Russian leaders discuss extending oil production cuts, Google unveils its latest hardware, and more

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1. Saudi king and Putin discuss extending oil production cuts

Saudi King Salman bin Abdulaziz is meeting with Russian President Vladimir Putin on Thursday during what the Saudi foreign ministry called a "historic" visit to Moscow. They will discuss extending an agreement between OPEC and non-OPEC oil producers to cut production. The deal has helped boost prices dragged down by a global glut. Putin said Wednesday that Russia might agree to extend the agreement to the end of 2018. The leaders also will discuss a proposal for Russia to sell the kingdom $3 billion worth of arms. The discussions signal a sharp change in relations between the two countries — Saudi Arabia cut off relations with Moscow during Soviet times. Russian Foreign Minister Sergey Lavrov called the visit a "truly epochal event in our relations."

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