The parties plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development. Among the opportunities being considered are joint activities within new projects at licensed blocks on the shelf of Vietnam and in third countries.

The head of Russian oil major Lukoil said on Wednesday that he sees oil prices rising above $50 per barrel by the end of the year, RIA news agency reported, citing his TV interview.

Global oil demand growth for 1Q16 was revised upwards to 1.4 mb/d, led higher by strong gains in India, China and, more surprisingly, Russia. For the year as a whole, growth will be around 1.2 mb/d, with demand reaching 95.9 mb/d.

Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.

China consumed about 10.62 million barrels per day (bpd) of oil in April, a record daily consumption volume, according to Reuters calculations based on preliminary government data published on Friday.

World oil demand in 2015 grew by around 1.54 mb/d, unchanged from last month’s report. Total oil consumption averaged 92.98 mb/d. In 2016, world oil demand is projected to rise by 1.20 mb/d to reach 94.18 mb/d, unchanged from last month’s projections, despite upward revisions to Other Asia, which were counterbalanced by downward revisions to Latin America and China.

Russia’s economy is closer to growth than at any time since it slid into recession and central bank Governor Elvira Nabiullina is focusing on what she says are “positive signals.”

Several Russian officials say the government is considering raising income-tax levels and increasing value-added tax but that any changes would only take place after 2018—a presidential election year.

“Markets fluctuate, but we know that science does not. You have to be patient. The cycle from discovery to deployment can take decades.”

Without any of those reforms, Saudi Arabia’s financial troubles would continue to intensify.