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Russian President backs plan to extend oil output cuts for 9 months

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Russian President Vladimir Putin says that extending oil output cuts for further nine months would ensure stable oil prices. He was speaking after Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday on the need to extend the cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. Russia and Saudi Arabia heavily depend on oil revenues. Saudi, the de facto leader of OPEC, and Russia, the world's biggest producer, together control a fifth of global supplies.Subscribe to us on YouTube: http://ow.ly/Zvqj30aIsgYFollow us on:Facebook: https://www.facebook.com/cgtnafrica/Twitter: https://twitter.com/cgtnafrica

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Africa News CGTN Africa Vladimir Putin Russia Russia oil OPEC
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