“From the viewpoint of economic sense and logic, then it would be correct to find some sort of compromise. I am confident that everyone understands that. We believe that this is the right decision for world energy,” Putin said in the interview.

Talks on a production freeze between Russia and OPEC collapsed in April, after Saudi Arabia demanded that their economic and political rival Iran be part of the deal. However, Russia is still seeing the production cap as possible.

“I would very much like to hope that every participant of this market that’s interested in maintaining stable and fair global energy prices will in the end make the necessary decision,” said Putin. Prince bin Salman “is a very reliable partner with whom you can reach agreements, and can be certain that those agreements will be honored,” he added.

Putin is meeting Saudi Deputy Crown Prince Mohammed bin Salman at the G20 summit in China next week.

“Our Saudi partners at the last moment changed their view. We didn’t reject the idea of freezing output. Our position hasn’t changed,” said the Russian President.

According to Putin, Iran has a right to return its oil market share after the sanctions against its energy sector were lifted.

“Iran is starting from a very low position, connected with the well-known sanctions in relation to this country. It would be unfair to leave it on this sanctioned level,” he said.

In April, Tehran categorically refused to cut production, aiming to return to its pre-sanction output level of 4 million barrels per day. Recent data from Iran has shown the Islamic Republic is approaching the goal, and has softened its stance on the possible output freeze deal with Russia and Saudi Arabia.

Analysts from Commerzbank and Citi have warned that the output cap rather than a production cut wouldn’t make any significant difference to the market suffering from oversupply. Saudi Energy Minister Khalid Al-Falih said last week the freeze would be "positive", but no “intervention of significance” is needed, as the market is rebalancing by itself.

While the era of low oil prices continues, Russia is still heavily dependent on crude exports. Moscow has been trying to diversify the economy by putting more effort into agriculture and other non-energy sectors.

On Friday, Brent crude was trading at $45.71 per barrel while US benchmark WTI was at $43.36.

The event aims to support the trilateral trade partnership, humanitarian exchange, cultural tourism and cross-border regional economic cooperation. Along with the official high-level meeting, side events and conferences will be held on the cross-border logistics, electronic trades, tourism, culture and education and cooperation in banking finance innovation.

In the economic forum, Mongolia will be represented by delegates from some 40 companies, while 270 entities are taking part I the exhibition. The previous year’s theme was “Promoting Silk Road Economy and Establishing Economic Corridor”.

Russia and China are the main trade partners for Mongolia. The country has made exports worth USD 2.5 billion, of which 1.2 percent went to Russia and 85 percent to China, as of the end of July. As of the imports (USD 1.8 billion), Mongolia imported 24.5 percent from Russia and 33 percent from China, according to the National Statistics Office.

Chinese internet giant Baidu Inc officially unveiled its latest plans in the burgeoning field of artificial intelligence, including "Baidu Brain", which simulates the human brain with computer technology, and a partnership with Nvidia Corp to develop driver-less vehicles.

"Artificial intelligence is the next big development in the internet industry, which is the core of Baidu. We spend great efforts developing this technology in the past five to six years," said Robin Li, chief executive officer of the Beijing-based company, at the company's annual technology event - Baidu World.

Li said "Baidu Brain" consists of three parts, including artificial intelligence algorithms, computing power and big data."It has the capacities of natural language processing, voice recognition, image identification and processing and user portraits."

"Anyone just records 50 sentences as required in 30 minutes, and our speech synthesis technology could simulate the person's voice. We could let everyone have their own voice model," said Li.

Moreover, the accuracy rate of voice recognition has reached 97 percent, while face recognition accuracy has reached 99.7 percent, Li said. With regard to image recognition technology, it is mainly applied in augmented reality.

This in turn can be used to develop products and market services. AI technology is expected to be applied into different industries in the future, involving healthcare, traffic and finance.

"I'd like to invite everyone to rethink the sector we're in - to rethink the Chinese economy," said Li.

Driverless vehicles are another area the company is making a big bet on. Baidu will cooperate with US-based chipmaker Nvidia Corp to build operating software for self-driving that encompasses mapping and adapts to changing environments.

AI has become a strategic area of investment for technology companies including Apple and Google.

Tan Tieniu, a leading expert in China's artificial intelligence sector said that the global AI market had a total value of $127 billion in 2015, adding that the figure is expected to reach$165 billion this year and exceed$200 billion in 2018.

Zhao Ziming, an analyst at Analysys International in Beijing, said: "The development of artificial intelligence and the internet of things is an irresistible trend, and Baidu Brain is a core product in these two fields.