The two leaders also discussed Afghanistan, Iraq and Somalia, the official SPA news agency SPA and Saudi newspapers reported.
Saudi Interior Minister Prince Nayef bin Abdul Aziz and Finance Minister Ibrahim al-Assaf joined the talks, which lasted several hours.
Berlusconi also worked to promote Italian exports, saying a group of Italian businessmen would be visiting the Middle East oil giant in the near future, the English-language Arab News said.
"We also have our oil... it's called entrepreneurs," the paper quoted him as saying.
Berlusconi was due to head on to the gas-rich Gulf emirate of Qatar later on Sunday.