Singapore: Crude oil prices have seen a spurt on Thursday after Russia indicated a cut in production. Russia has said that it is ready to cut production before the meeting of major producing countries to accelerate the energy market. During this period, the American standard West Texas Intermediate has risen 4.6 percent to $ 26.26 per barrel, while the international standard Brent crude has gained 2.7 percent to reach $ 33.73.

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OPEC's meeting of the top producer Saudi Arabia, and other oil exporting countries, including Russia, will be held on Thursday through video conference and production cuts are expected to be agreed during this time. Due to the Corona virus epidemic worldwide travel restrictions and lockdown enforced, crude oil demand has come down, and along with the price war between Riyadh and Moscow, oil prices have fallen to almost two-decade.

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However, there is a possibility of an agreement between Saudi Arabia and Russia to stabilize the market. According to Bloomberg News, Russia said on Wednesday that it is ready to cut production by about 1.6 million barrels per day or about 15 percent, after which the prices of crude oil rose.

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