MOSCOW, April 1 (Xinhua) -- Russian Energy Minister Alexander Novak and U.S. Energy Secretary Dan Brouillette discussed Wednesday in a phone conversation ways to reverse the global oil market slump, the Russian Energy Ministry said.

"The parties discussed the current state of the world oil market and promising areas of cooperation between the two countries in the energy market through the G20 and the World Bank," it said in a statement.

Novak and Brouillette noted that falling demand and surplus in the oil market do not contribute to the progressive development of the global energy sector and pose risks to the stable supply of the market after the start of global economic recovery.

They noted the need for a constructive response to existing challenges and the subsequent continuation of the dialogue, the statement said.

The call followed a phone conversation between Russian President Vladimir Putin and U.S. President Donald Trump on Monday, in which the two heads of state exchanged views on the world oil market and agreed on consultations between the energy ministers of the two countries.

Oil prices plunged to multi-year lows after the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and other crude producers led by Russia, failed to agree new output cuts in Vienna last month.

After the collapse of the deal, Saudi Arabia announced that it would raise output, sending prices further down on top of the COVID-19 coronavirus pandemic slashing energy demand, and threatening U.S. higher cost drillers with bankruptcy.

According to media reports, senior U.S. officials have discussed an alliance with Saudi Arabia to manage the global oil market, but the project was put aside.

Kremlin spokesman Dmitry Peskov told reporters Wednesday that Putin is not planning a phone call with Riyadh yet, and the countries are not discussing the situation in the oil market at the moment. Enditem

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