King Salman, Putin commit to coordination in energy markets

Saudi Arabia's King Salman and Russian President Vladimir Putin reiterated their readiness to continue coordinating actions on the global hydrocarbons markets, Russian TASS news agency reported on Tuesday, citing a statement from Kremlin.

"Russian President has had a telephone conversation with Saudi King, during which they considered pressing issues of bilateral cooperation," the news agency said.

The two leaders also praised the ongoing bilateral cooperation between Russia and Saudi Arabia.

“Both sides highly estimated the level of cooperation, particularly in trade, economic and investment areas, as well as demonstrated determination to further strengthen diversified Russian-Saudi ties," TASS reported.

The Organization for the Petroleum Exporting Countries (OPEC), Russia and other producers agreed in December last year to lower their oil production by 1.2 million barrels per day from January in order to balance global oil markets and support prices.

The next ministerial OPEC+ meeting is scheduled in Vienna in mid-April.