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Putin believes chances for agreement with OPEC on cutting oil output exist

November 21, 2016, 2:47 UTC+3 LIMA

"We're prepared to freeze the output at the current level,"the Russian president said

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LIMA, November 21. /TASS/. Russian President Vladimir Putin believes the chances for reaching an agreement on a freeze the output of crude oil by OPEC exist.

"We're prepared to freeze the output at the current level," he said as he addressed a news conference upon completion of the APEC summit in Peru.

"We don't see any damage for our energy sector," Putin went on. "The energy minister maintains permanent contact with leading oil companies and they're prepared for efforts of this kind."

"I can't say with a hundred percent assuredness an agreement of this kind will be reached but there is a great probability it will be," he said.

"The contradictions within OPEC - if they haven’t been eliminated yet can be ironed out because no acute problems exist there now," Putin said.

"And we on our part are doing everything what our OPEC partners expect of us," he said. "At any rate, there is no problem for us to freeze production."

OPEC countries reached a decision at a conference in Algeria on September 29 to freeze the output of crude in order to stabilize the prices but they failed to draw up a roadmap for how to cut down the output volumes.

A conference on adopting a decision to stabilize oil production is to take place on November 30. Non-OPEC producers may join it if a relevant agreement is attained.

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