Oil rose to its highest level in a year after President Vladimir Putin said yesterday that Russia was prepared to join Opec efforts to stem the decline in crude prices through a production cap.
Speaking at the World Energy Congress in Istanbul, Mr Putin said that he hoped that the producers’ group would decide at its next ministerial meeting in November to adopt quotas for member countries’ output.
Last month, Opec countries reached an agreement in Algiers to curb production to between 32.5m and 33m barrels a day. But details for a binding deal to reduce supply, which would be the first since the financial crisis, still need to be ironed out.
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