Saudi Crown Prince, Putin review efforts to stabilize energy market

In a telephone call, both sides stressed the importance of the cooperation of all producing countries to support the growth of the global economy, reports Xinhua news agency.

In a joint phone call on Friday, Saudi King Salman bin Abdulaziz Al Saud, US President Donald Trump and Putin reviewed efforts in the light of the OPEC+ meeting and the importance of joint cooperation to stabilize energy markets in order to support the growth of global economy.

The phone call was made after the ninth Extraordinary OPEC and non-OPEC Ministerial Meeting that was held via webinar on Thursday.

In the meeting, the OPEC and non-OPEC oil-producing countries, except Mexico agreed to cut their overall crude oil production, so the agreement is valid per the approval of Mexico.

They plan to cut their overall production by 10 million barrels per day for two months starting from May 1.

Mexico's contribution represents a 5.5 per cent reduction in its oil production, less than the 23 per cent that had been requested by OPEC.