Both countries are also committed, if necessary, to take further measures to stabilise the market, which has been extremely volatile recently, together with the alliance and other states.

Russia and Saudi Arabia are firmly committed to the implementation of the new OPEC+ oil output cut deal, the Russian Energy Ministry said on Thursday after a phone conversation between Russian Energy Minister Alexander Novak and his Saudi counterpart, Prince Abdulaziz Bin Salman.

"Both countries are firmly committed to the implementation of agreed target reductions, will continue to closely monitor the oil market and, if necessary, will be ready to take relevant measures together with OPEC+ and other producers", the statement says.

Following the talks, both sides noted in a joint statement that Russia and Saudi Arabia had done a great job to reach a historic agreement on stabilising the oil market.

Moscow and Riyadh are also confident that their OPEC+ partners and other oil producers would fulfill their commitments.

Earlier, Saudi Arabia said it was not satisfied with current oil prices but was interested in balancing the energy market, as the country had developed enough of a buffer to cover the shortfall, according to Saudi Arabian Finance Minister Mohammed al-Jadaan.

After OPEC+ failed to either extend the output cut deal, the member-nations met again on Sunday to agree on reducing oil production in three stages; by 9.7 million barrels per day in May-June, 7.7 million in the second half of the year and 5.8 million until the end of April 2022. OPEC+ will use their output levels in October 2018 as their base of reference.