Putin says Russia Ready to Join OPEC Output Freeze

Russia's President Vladimir Putin delivers a speech during the 23rd World Energy Congress in Istanbul, Turkey, October 10, 2016. REUTERS/Murad Sezer

By Olesya Astakhova

ISTANBUL, Oct 10  – 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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