Russia says it supports OPEC plan to limit oil production

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.