The Kremlin announced that President Vladimir Putin and King Salman bin Abdulaziz had a thorough discussion on current oil market conditions. Amid the Coronavirus outbreak, the price of crude oil has plunged more than 20% over the past three weeks.
OPEC and its allies have extensive exposure to any possible downturns in the market as they relate to China. China purchases almost 70% of its crude oil from OPEC and any large fall in demand would have a cascading effect on the world market.
Members of the coalition plan to meet in Vienna this week to discuss what technical demands must be carried out to combat the impact the Coronavirus will have on the global market.