President Vladimir Putin says that Russia is ready for deep oil production cuts with the United States and Saudi Arabia.

Putin said Russia was ready for 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,” the statement added.

The leader, however, firmly blamed OPEC’s de facto leader Saudi Arabia for the collapse in oil prices, reports said.

“Unfortunately, our partners from Saudi Arabia didn’t agree to extend the deal on current conditions, effectively withdrew from the deal and announced significant additional discounts for their oil,” Putin was quoted as saying on Friday.

“This, of course, at the time of a sharp fall in demand, had an additional impact on the decline of oil prices and still continues to influence the situation in the market,” his statement added.

During his video conference with the Russian government officials and domestic oil producers the leader proposed to cut oil production by around 10million barrels per day.

The next OPEC+ meeting is scheduled on April 6.

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