ISTANBUL: President Vladimir Putin on Monday said that non-OPEC member Russia was ready to join measures to limit oil production, saying that this was the only way to balance the market after a prolonged period of low prices.
“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 in the current situation,” he said that at the World Energy Congress in Istanbul. “Russia is prepared to join joint measures limiting production,” he added, expressing hope this would lead to a concrete agreement at a November OPEC meeting.
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