Russia calls for unity at oil producers' meeting

Russia's Energy Minister Alexander Novak has called for unity in cutting oil output and stabilising prices during an online meeting on Thursday about the overproduction of oil in the world.

He urged oil-producing countries to take measures to cut the production of oil as the demand has severely fallen."This can have serious consequences for the oil industry and the global economy as a whole," Novak said.

"All of our oil-producing countries must pool efforts to change the situation related to the substantial overproduction of oil in the world", he added. In Russia, which relies on oil as the main source of income, the oil price collapse caused the ruble to crash, which in turn boosted the cost of imports and sped up inflation.

(Image Credit: AP)