Russia says it supports OPEC plan to limit oil production
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}Also at the congress, Venezuelan President Nicolas Maduro said it was necessary to find a new mechanism within six months to stabilize markets.