Russia says it supports OPEC plan to limit oil production

By The Associated Press

Russian President Vladimir Putin says his country supports OPEC's recent agreement to trim production as a way to support oil prices.

Russian President Vladimir Putin delivers a speech at the World Energy Congress, in Istanbul, Monday, Oct. 10, 2016. Putin is set to meet Turkey's President Recep Tayyip Erdogan, as the two push ahead with steps toward normalizing ties that were strained by Turkey's downing of a Russian warplane near the border with Syria last year. (Alexei Druzhinin/ Sputnik, Kremlin Pool Photo via AP)

ISTANBUL (AP) — Russian President Vladimir Putin says his country supports OPEC's recent agreement to trim production as a way to support oil prices.

Speaking Monday at the World Energy Congress in Istanbul, Putin said the current situation required a freeze or cut in oil production to maintain stability in global energy markets.

He said: "We support the recent OPEC initiative to fix limitations on the 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." He did not explicitly state that Russia would participate in an output cut or freeze.

Also at the congress, Venezuelan President Nicolas Maduro said it was necessary to find a new mechanism within six months to stabilize markets.

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