Russia ready to back OPEC production cut plan

During a meeting of major players in the energy sector Russia's President Putin said he was willing to cut oil production to help lift low oil prices.

MENA

1 min read

�� & agencies

10 October, 2016

Oil producers have high expectations for the World Energy Congress [Getty]

President Vladimir Putin has said non-OPEC member Russia was prepared to join unified efforts to cap oil production, saying it was the only way end a period of prolongued low crude prices.

"In the current situation, we believe a freeze or a cutting of the production of oil is the only way preserve the stability of the energy sector and accelerate a rebalancing of the market," Putin said at the World Energy Congress in Istanbul.

"Russia is prepared to join joint measures limiting production," he added.

Putin expressed hope that this would lead to a concrete agreement at a meeting of OPEC members in November.

Oil producers have high expectations for the World Energy Congress, a meeting between the world's major energy players, which includes both OPEC and non-OPEC members.

In September OPEC to the outline of a deal that will cut oil production for the first time in eight years.

According to analysts the move will brighten prospects across the energy industry for both multi-national corporations and small-scale producers of shale.

This would boost the economies of oil rich states like Russia and Saudi Arabia but inversely result in higher prices at the pump for customers.