Saudi Arabia and Russia held discussions to further curb the crude oil supplies in order to stop the crude oil fall.
The representatives of the two countries, namely Russian Energy Minister Alexander Novak and his Saudi counterpart Princee Abdulaziz bin Salman, have said in a joint statement, that they are continuously monitoring the oil market and are ready to take measures jointly with OPEC+ and other producers, if required.
Earlier on Sunday, the group has agreed to cut down the worldwide production by 9.7 million barrels per day, after which crude oil has plunged more than 10%. But with the coronavirus pandemic, which reduced the demands of oil in the entire world, the crude oil prices are still moving downwards.
Saudi Arabia’s bin Salman has earlier on Sunday commented that his country is ready to cut oil production further if needed when the OPEC+ alliance meets again in June. “Flexibility and pragmatism will enable us to continue do more if we have to.”