WorldISTANBUL, REUTERS -Russia is ready to join a proposed cap on oil output by OPEC members, Russian President Vladimir Putin told an energy congress on Monday. “That's why in the current situation we think that (an oil output) freeze or even an oil production cut is likely to be the only right decision to maintain the stability of the global energy sector,” Putin said. “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join,” Putin said. Russian oil output jumped by almost 4 percent in September from the previous month to 11.11 million barrels per day, a new post-Soviet record-high, as companies ramped up drilling amid improved oil prices. Putin did not say at what level Russia would be ready to cap its production.

Source: Sunday Times October 10, 2016 13:18 UTC