Nicolas Maduro

Russia says it supports OPEC plan to limit oil production

Russian President Vladimir Putin said Monday his country is ready to reduce oil production and supports OPEC's initiative to trim production as a way to support oil prices.

Speaking at the World Energy Congress in Istanbul, Putin criticized the surplus of oil and warned that if current tendencies continue, it will lead to lack of financing, deficits and new price fluctuations that will hit both producers and consumers.

Saying that the only right decision to maintain the stability of world energy resources is a freeze or cut in production, Putin said, "Russia is ready to join joint measures on reducing the production of oil and invites other oil exporters to do...