MOSCOW, June 1 (Xinhua) -- Russian President Vladimir Putin had a phone conversation with his U.S. counterpart Donald Trump at the initiative of the U.S. side, discussing issues related to the Group of Seven (G7) Summit and oil markets, the Kremlin said Monday.

"Trump informed Putin about his idea of holding a G7 summit with the possible invitation of the leaders of Russia, Australia, India and South Korea," it said in a statement.

The importance of enhancing the bilateral dialogue on strategic stability and confidence-building measures in the military sector was noted.

In addition, the presidents addressed world oil market developments in the context of implementing the OPEC+ agreement.

"It was stated that this multilateral agreement, reached with the active support of the presidents of Russia and the United States, would lead to a gradual restoration of oil demand and price stabilization," it said.

Putin and Trump also touched upon space cooperation and fighting coronavirus, agreeing to continue contacts at various levels, according to the statement.