(Adds details, quotes)
By Olesya Astakhova
ISTANBUL Oct 10 Russia is ready to join a
proposed cap on oil output by OPEC members, Russian President
Vladimir Putin told an energy congress on Monday.
Putin, speaking at an energy congress in the Turkish city of
Istanbul, said that low oil prices have lead to underinvestment
into the global energy sector which will turn into a deficit at
some point and trigger new "unpredictable jumps" in prices.
"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,"
He added that he hoped that OPEC members would confirm the
decision to adopt quotas for output when the organization meets
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
(Reporting by Olesya Astakhova; Writing by Christian Lowe/Katya
Golubkova; Editing by Vladimir Soldatkin and Christian Lowe)