Russia, Saudi Arabia ready to take actions on oil markets if necessary

Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart, Prince Abdulaziz bin Salman, held a phone talk on Thursday and said in a joint statement they were ready to take measures with other OPEC+ members on the oil market if necessary.

They also said both Russia and Saudi Arabia were committed to the global oil cuts deal.

OPEC and other large oil producers led by Russia, a group widely know as OPEC+, have agreed to reduce their combined oil production by 9.7 million barrels per day in May and June.