OPEC, Russia approve biggest-ever oil cut amid coronavirus pandemic

MOSCOW -- Russian President Vladimir Putin, US President Donald Trump and Saudi King Salman bin Abdulaziz Al Saud supported the agreement on a phased reduction in oil production reached by the Organization of the Petroleum Exporting Countries (OPEC) and some other major oil producing countries, the Kremlin said Sunday.

"Vladimir Putin had a phone conversation with US President Donald Trump and Saudi Arabia King Salman bin Abdulaziz Al Saud," the Russian president's press office said in a statement.

"The leaders supported the agreement reached by the OPEC+ on the phased voluntary reduction of oil production in order to stabilize global markets and ensure the sustainability of the global economy as a whole," the statement said.

The OPEC and other crude producers led by Russia, known as OPEC+, agreed on Sunday to reduce output by 9.7 million barrels per day (bpd) for May-June after four days of talks.

Putin and Trump also held a separate phone conversation, according to the statement.

"The exchange of views on the situation in the oil markets was continued. Once again, the importance of the OPEC+ deal to reduce oil production was noted," the statement said, adding that topical issues of ensuring strategic security were also discussed.