Saudi King Salman and Vladimir Putin discuss oil market amid price drop

This comes as oil prices slid to a one-year low, with Brent crude at under $55 per barrel

King Salman bin Abdulaziz
King Salman bin Abdulaziz

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.

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