Curbing oil output: Putin says Russia will join OPEC output cut - RFE/RL

10:46 Oct. 11, 2016

Putin says Russia will join OPEC output cut - RFE/RL

Russian President Vladimir Putin, listens during a joint news conference with Turkey's President Recep Tayyip Erdogan, following their meeting in Istanbul, Oct. 10, 2016 (AP photo)

The comments immediately sent oil prices rising 

Russian President Vladimir Putin said Moscow is ready to cut or freeze oil production and supports the OPEC oil cartel's efforts to bolster prices, in comments that sent oil prices soaring to the highest levels of the year.

"We believe a freeze or a cutting of the production of oil is the only way to preserve the stability of the energy sector and accelerate a rebalancing of the market," he said at the World Energy Congress in Istanbul on October 10.

Read also OPEC sharply drops oil output to its lowest level since May – WSJ

"Russia is ready to join joint measures limiting production and calls on other exporting countries to do the same."

Putin noted that low oil prices have caused the deepest recession in oil investment in 45 years, with investment spending dropping by nearly USD 500 billion in an intense bust cycle since 2014.

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