Oil price lifted by Russia backing Opec production freeze

Vladimir Putin has said Russia will support Opec's proposed oil production freeze

 

Russia has said it will support a proposal by Opec to freeze oil production in order to reverse the slump in global prices.
The move lifted the price of oil, with Brent crude hitting a one-year high.
"Russia is ready to accede to joint measures to reduce [oil] production, and is calling on other oil exporters to do so," said Russian President Vladimir Putin.
"We support the recent Opec initiative to set production limits," he added.
In late afternoon Brent Crude oil was trading at $53.21 a barrel, up by 2.5%.
Speaking at the World Energy Congress in Istanbul, Mr Putin said that oil prices had "more than halved" in two years due to surplus production, provoking a "cycle of decreasing investment".
If the trends persisted, he said, they would give way to oil shortages and "new, unpredictable price hikes."
He said that he expected to reach a specific agreement at the the Opec meeting in November.
"Of course, this will also cool down speculative activities and help avoid new price fluctuations," he said.

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