Posted inDRILLING & PRODUCTION

Saudi King Salman and Vladimir Putin discuss oil market amid price drop

This comes as oil prices slid to a one-year low, with Brent crude at under $55 per barrel

Saudi King Salman and Vladimir Putin discuss oil market amid price drop
Saudi King Salman and Vladimir Putin discuss oil market amid price drop

Saudi Arabia’s King Salman bin Abdulaziz and Russian President Vladimir Putin discussed the oil market on a Monday phone call, according to a statement by the Kremlin.

Both leaders discussed their “readiness to continue cooperation within OPEC+,” the statement said. This comes as oil prices slid to a one-year low, with Brent crude at under $55 per barrel, largely due to the coronavirus outbreak which could impact demand from China.

Although OPEC+ members are already cutting production, with deeper cuts in place as of December 2019, the group is meeting next week to discuss a potential extension or further deepening of their production cuts.

Staff Writer

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