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Russia not holding dialogue on oil issues with Saudi Arabia, says Kremlin

Meanwhile the Kremlin spokesman emphasized that the relationship between the two countries are "at a fairly high level"

MOSCOW, April 1. /TASS/. Russia and Saudi Arabia are not holding a dialogue on the situation on the oil market now, Kremlin Spokesman Dmitry Peskov told reporters on Wednesday, adding though that it might be held if necessary.

"Currently - no," he said when asked whether Russia and Saudi Arabia are holding a dialogue on the oil issues. Meanwhile he emphasized that the relationship between the two countries are "at a fairly high level." "We may have a certain variety of opinions, though overall Russia’s bilateral relations with Saudi Arabia allow holding an efficient dialogue if necessary," Peskov noted.

"The Russian side traditionally welcomes the joint dialogue, discussions and cooperation aimed at stabilizing energy markets," he said.

Asked whether any contacts between Russian President and Saudi Arabia’s leadership over the phone are planned, Peskov replied: "In the foreseeable future - no." "However, that does not mean it will not appear as telephone talks are agreed very quickly now if necessary," he stressed.

The OPEC+ agreement on crude production cuts expired on March 31. It was not extended due to divergent positions of two biggest participants as Russia suggested that the deal be extended under the previous conditions and for the second quarter of 2020 only, whereas Saudi Arabia insisted on deepening cuts by another 1.5 mln barrels per day by the end of the year. After withdrawing from the agreement, the kingdom plans to capture the oil market by reducing prices. Meanwhile, the global oil demand may decline by 26-30 mln barrels per day, analysts warn, as oil consumption has dropped sharply due to quarantine measures across the globe.