Russia says it supports OPEC plan to limit oil production
Posted October 10
ISTANBUL — Russian President Vladimir Putin said Monday his country is ready to reduce oil production and supports OPEC's initiative to trim production as a way to support oil prices.
Speaking at the World Energy Congress in Istanbul, Putin criticized the surplus of oil and warned that if current tendencies continue, it will lead to lack of financing, deficits and new price fluctuations that will hit both producers and consumers.
Saying that the only right decision to maintain the stability of world energy resources is a freeze or cut in production, Putin said, "Russia is ready to join joint measures on reducing the production of oil and invites other oil exporters to do so."
He added: "We support the recent OPEC initiative to fix limitations on production and hope that at the November OPEC meeting this idea will be transformed into real agreements giving a positive signal to markets and investors."
Also at the congress, Venezuelan President Nicolas Maduro said it was necessary to find a new mechanism within six months to stabilize markets. "Petroleum producers, OPEC members should reach an agreement and should work for the stability of the petroleum industry," he said.
Putin also criticized unilateral sanctions. "It is inadmissible to curb the development of the energy sector for the sake of political ambitions of certain countries. . Such actions do not contribute in any way to the stability of the world energy sector."
This story has been corrected to show that Putin did explicitly state that Russia is ready to reduce production.