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Russian President Vladimir Putin said His country is about to reach an international agreement The Associated Press cited oil production caps.
He said any agreement would Support from the Russian oil sector.
Saudi Arabia, Russia, Venezuela and Qatar agreed in January to freeze oil production levels, the first such deal in 15 years.
Addressing government officials and heads of private oil sector companies, Putin noted that Energy Minister Alexander Novak had agreed with his partners on Global Oil Production Caps Market.
Putin also said that Russian companies are also Agree with this proposal.
Hit by low oil prices, Russia’s economy fell into recession.
Meanwhile, OPEC sources and representatives announced that the group is unlikely to Reduce production levels at the next meeting This will happen in June even though prices remain extremely low, Reuters quoted.
The sources, including Middle Eastern officials, also noted that countries such as Saudi Arabia also want to test Russia’s commitment. Freeze production until further action is taken To stabilize prices.
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