11:03 GMT27 February 2021
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    The Russian president said that the country was ready to freeze oil production at current levels.

    MOSCOW (Sputnik) — Russia is ready to join members of the the Organization of the Petroleum Exporting Countries (OPEC) in freezing oil production at current levels, President Vladimir Putin said Wednesday.

    "Freezing oil production at the current level is beneficial not only for the Russian economy and energy sector but for the global economy in general," Putin said at an investment forum in Moscow.

    "If the OPEC countries agree to freeze oil output, we will certainly join them in this decision," Putin stressed.

    OPEC agreed in late September to cut its oil production for the first time in eight years. The output ceiling was set at 32.5-33 million barrels a day. Further details of the deal are due to be unveiled at the group’s meeting on October 29.


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