Russia, Saudi Arabia agree to strengthen tie to stabilise oil prices

Vladimir Putin- the president of Russia and Saudi Crown Prince Muhammad Bin Salman made a strong agreement in order to fortify coordination to cut oil production and stabilize the global oil market.

Putin along Bin Salman in a statement were discussed by the Kremlin that they came to term on the need in order to altogether apply the agreement reached in April aimed to decrease global output by around ten per cent after a slump in demand caused by coronavirus lockdowns.

At the very starting of the May, the OPEC+ stimulating a decrease in production of around 9.7 million barrels in a single day, was observed to be into effect.

The increase in oil prices to an average of $35 per barrel in comparison to the $15 per barrel cost they last month record, was caused by the production cut. However, the global oversupply is expected to thwart hike in price

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