The Kremlin confirmed the directors at Russia’s major oil companies agreed to a proposal to hold production levels static in an effort to stimulate the market. Russian President Vladimir Putin met in Moscow with the heads of Russia’s major oil producers. A market characterized by oversupplies and weak global economic growth means crude oil prices are hovering near 10-year lows. The Russian benchmark Urals crude oil price declined from an average $57.30 per barrel in February 2015 to $28.75 per barrel in January 2016. “This is a very significant drop [and] a significant blow to companies’ revenues,” the president said . Russia’s economy is expected to linger in recession as pressure from lower crude oil prices mount. Russian Energy Minister Alexander Novak, […]