Russia ready to join OPEC output freez: Vladimir Putin

"Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join," the Russian President said.

By: Reuters | Istanbul | Published:October 10, 2016 6:45 pm
Russia, Syria, French drafted resolution, french draft, UN resolution, UN syria resolution, Syria resolution, syria ceasefire, syria cease fire violation, syria civil war, syria violence, aleppo violence, aleppo air strikes, aleppo bombing, world news, indian express, latest news Russian President Vladimir Putin.  (Alexei Nikolsky/Pool Photo via AP)

Russia is ready to join a proposed cap on oil output by OPEC members, Russian President Vladimir Putin told an energy congress on Monday.

Putin, speaking at an energy congress in the Turkish city of Istanbul, said that low oil prices have lead to underinvestment into the global energy sector which will turn into a deficit at some point and trigger new “unpredictable jumps” in prices.

“That’s why in the current situation we think that (an oil output) freeze or even an oil production cut is likely to be the only right decision to maintain the stability of the global energy sector,” Putin said.

“Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join,” Putin said.

He added that he hoped that OPEC members would confirm the decision to adopt quotas for output when the organization meets in November.

Russian oil output jumped by almost 4 percent in September from the previous month to 11.11 million barrels per day, a new post-Soviet record-high, as companies ramped up drilling amid improved oil prices.

Putin did not say at what level Russia would be ready to cap its production.

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