Russia's Putin calls for joint solution on oil, says situation challenging

Russian President Vladimir Putin called on Wednesday for both oil producers and consumers to find a solution that would improve the situation of global oil markets, which he described as "challenging."

He also told a Russian government meeting that the United States was also worried about the state of the oil market, according to the readout of the meeting.

Putin also said if investments into the oil sector fall, oil prices are sure to rebound, something he said "no one needs."