MOSCOW, Feb. 4 (UPI) -- There's no validity to reports Saudi Arabia may be discussing oil production cuts with Russia in exchange for concessions on Syria, an official said Wednesday.

A report published Tuesday by The New York Times says the government in Riyadh is using its leverage in the global oil market to pressure the Kremlin to reconsider its long-standing alliance with Syrian President Bashar Assad.


Alexei Pushkov, head of the international affairs committee in the Russian State Duma, said there was nothing behind the Times' report, which cited "an array of diplomatic, intelligence and political officials."

"There have been no negotiations on cutting oil production by the Saudis in exchange for Moscow's refusal to support Assad," he said. "[The report is] a canard."

Russian support for the government in Damascus presents an obstacle to peace efforts at the U.N. Security Council, where Russia holds veto power. Syria has been embroiled in civil war since late 2011.

Though oil prices are off about 50 percent from mid-2014, the Saudi government said it would keep production levels static in an effort to secure its position in the global marketplace. That decision put downward pressure on crude oil prices, weakening the economies of countries like Russia that depend heavily on export revenue.

Russia's economy is teetering on the brink of recession because of dual strains from low oil prices and sanctions imposed by Western powers frustrated by the Kremlin's stance on Ukraine's pivot toward the European Union. Ukraine is a former Soviet republic.

The Russian Central Bank said Tuesday the country may be out $160 billion in oil export revenue should oil prices fall below $45 per barrel, about 20 percent less than the current price for the March contract.

Total export revenue for Russia is about $500 billion.