Islamabad says it stands with Riyadh "in the wake of statements made against the kingdom", and hails the oil cartel's decision to cut production by two million barrels a day.
Oil prices are expected to remain volatile as production cuts by OPEC+ will tighten supplies ahead of the EU embargo on Russian oil, while a strong US dollar and further interest rate increases from the Fed limit price gains.
The energy ministry in Oman says that the decision by OPEC to cut oil production by 2 million barrels per day was necessary to reassure the market and stabilise it.
The two leaders discussed energy markets, food security, the situation in Libya, Syria and the Iran nuclear talks.
Decision of OPEC+ to cut its oil production target by two million barrels per day was "purely economic" and adopted through consensus, says Saudi Foreign Ministry, after Washington vowed "consequences" for US-Saudi ties.
The US dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.
Israel has given London-listed drilling company Energean the green light to start testing gas pumping in the Karish gas field disputed with Lebanon, despite threats made by Hezbollah.
The oil-exporting cartel cut production by a larger-than-expected 2 million barrels per day starting in November.
The dollar traded flat against the yen at 144.75 after hitting a high of 144.89 overnight.
The reports come against the backdrop of falling oil prices and months of severe market volatility.
A meeting between Lebanese President Michel Aoun and US Ambassador Dorothy Shea has resulted in a proposed solution to the maritime border dispute with Israel.
Sterling has crashed as low as $1.0350 as Asian markets opened to trade while some analysts warn it could sink to parity with the greenback.
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