Russia to declare intention to joint OPEC’s production freeze in Istanbul — source

MOSCOW, October 10. /TASS/. Later on Monday Russia will declare its intention to join the Organization of Petroleum Exporting Countries’ production freeze and likely output cut, a source in the Russian delegation at the World Energy Congress in Istanbul said.

"Russia is going to vow support for the OPEC’s decision to freeze and even downscale output and to declare the intention to join the measure," the source said.

Russian President Vladimir Putin is to deliver a report at the first working session of the congress later on Monday.

OPEC members and oil producer countries not affiliated with the cartel will hold consultations on oil production restrictions. Taking part in the unofficial meeting will be Russia, Saudi Arabia, Azerbaijan, Algeria, Venezuela, Gabon, Qatar, Kuwait and the United Arab Emirates.

The OPEC members held an informal meeting in Algeria on September 28 and, despite the skepticism of many participants on the event of the event, managed to negotiate a production freeze at a level of 32.5-33 million barrels a day.

The exporter countries are to formalize the decision at OPEC’s official session in November.