Russian President Vladimir Putin said on Monday that the extension of the agreement on the reduction of oil production for nine months will ensure stable oil prices.
Speaking in Beijing, the head of the Russian Federation said that the decision to reduce the volume of production is correct.
"I met with the heads of the companies, and we support this proposal," - said Putin, adding that Russia is considering all options on how to approach this issue.
The statement of the Russian president came after Saudi Arabia and Russia, two of the world's leading oil producer, agreed Monday on the need to extend the validity of an agreement on the reduction of raw material production for nine months to March 2018 to curb the global glut of oil. This is expected to lead to higher prices.
Based on materials WELTRADE
