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Putin Says Russia Ready to Join OPEC Output Freeze

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ISTANBUL, Oct 10 (Reuters) - 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.

http://www.downstreamtoday.com/news/article.aspx?a_id=53840

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