MOSCOW: Russian President Vladimir Putin has no immediate plans for contact with Saudi Arabia over falling oil prices, a Kremlin spokesman said on Tuesday.

Dmitry Peskov also said that this month's agreement between the Organization of Petroleum Exporting Countries and other leading oil producers to cut oil output in order to support oil prices may have "a lagging impact" on the market.

Oil prices have reached their lowest since the third quarter of 2017 as global oversupply has kept buyers away from the market ahead of holidays over the next two weeks.