Russia, the United States and Saudi Arabia have agreed to coordinate on stabilizing oil markets and minimize the impact of oil price volatility on the global economy.

“Today, Russian President Vladimir Putin had a phone conversation with U.S. President Donald Trump and Saudi Arabia King Salman bin Abdulaziz Al Saud,” the Russian president’s press office said in a statement on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, kicked off an extraordinary video conference on Thursday to discuss oil production cuts.

U.S. President Donald Trump said Thursday that he believes Russia and Saudi Arabia are close to reaching a deal to cut oil production amid rock-bottom prices.

“The conversation was very good. They’re getting close to a deal. That’s OPEC and many other countries outside of OPEC,” Trump said at a White House briefing after talks with Russian and Saudi leaders.

Coupled with a price war between Saudi Arabia and Russia, oil prices have plummeted amid the COVID-19 outbreak as global fuel demand has plunged due to a drop in air traffic and production shut-downs. Enditem

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