Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said Friday.

Putin said Russia was willing to make agreements within the framework of the OPEC+ group and that “we are ready for cooperation with the United States of America on this issue,” according to a statement published by the Kremlin.

“I believe that it is necessary to combine efforts in order to balance the market and reduce production.”

Oil prices have tumbled in recent weeks in the face of a drop in demand and global economic uncertainty over the new coronavirus pandemic.