The Russian president underscored the role of Moscow and Riyadh in stabilizing the global oil markets.

Axar.az reports citing Sputnik.

The coordinated actions of Russia and Saudi Arabia on the oil market allow to stabilize the situation on the global markets, Russian President Vladimir Putin said Tuesday.

"Our coordinated actions allow to stabilize the situation on the global hydrocarbon markets," he said at talks with Deputy Crown Prince and Defense Minister Mohammad bin Salman Saud in Moscow.

In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.