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.
