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Putin & Saudi king Salman agree to ‘coordinate efforts’ to stabilize oil markets as Brent hits new low

Putin & Saudi king Salman agree to ‘coordinate efforts’ to stabilize oil markets as Brent hits new low

Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz expressed their readiness to coordinate efforts within OPEC+ format to stabilize the situation on the international oil markets, which saw crude prices plummeting amid a deadly coronavirus outbreak in China.

The two leaders “extensively discussed” the present situation and agreed to “maintain contacts” on various levels, Kremlin said in a statement. OPEC+ is a format that involves the members of the Organization of the Petroleum Exporting Countries and other major oil producers, including Russia, which earlier already coordinated reduced oil supply to support prices.

The news comes amid reports that oil prices fell by more than two percent, reaching a one-year low as they were dragged down by concerns over demand in China plagued by a coronavirus epidemic, which has also caused an economic downturn.