Putin, Saudi crown Prince discuss oil market stability

Russian President Vladamir Putin met with Saudi Crown Prince Mohammed bin Salman on the phone to discuss a collaboration on stabilizing the global oil market, the Kremlin said in a statement.

The two leaders talked about a bilateral cooperation in the political, trade, economic and energy sectors, according to Bloomberg.

Russia is a member of the Organization of the Petroleum Exporting Countries. The global members will seek coordination and stability on oil prices and policies. West Texas Intermediate and Brent crude were down more than 1% at midday Monday, ET.

Edward Moya, a market analyst at OANDA in New York, told FOX Business that OPEC has been reducing output, and this meeting is expected to deliver no change. The committee wants to see China's recovery and the impact of sanctions on Russian supplies, he said. President Putin's call with the Crown Prince could suggest that the Saudis are making sure Russia is on board with keeping output steady and if they anticipate they will be able to make their quotas. Over the weekend, the world's biggest crude importer pledged to promote a consumption recovery that would support demand.

Energy companies are a bit lower halfway through the session, with Chevron, Hess, Exxon Mobile and Occidental Petroleum all well below the redline.

The Kremlin hasn't responded to FOX Business inquiries.