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Putin Says 'High Probability' Of Reaching Deal To Freeze Oil Production


Russian President Vladimir Putin and his Chinese counterpart Xi Jinping participate at the APEC summit in Lima on November 19.

Russian President Vladimir Putin and his Chinese counterpart Xi Jinping participate at the APEC summit in Lima on November 19.

Russian President Vladimir Putin says there is a "highly probability" that the world's oil producers will reach an agreement to cut production and boost flagging prices later this month.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, including Russia, are meeting on November 30 in Vienna to finalize a deal to rein in production.

"We will do everything that our partners from OPEC are expecting," Putin said on November 20 after the Asia-Pacific Economic Cooperation summit in Peru. "To freeze crude production is not an issue for us."

"Main contradictions within OPEC if not yet eliminated, they can be eliminated," he added.

In September, OPEC members reached a preliminary deal to cut output, hoping to boost prices that have decreased by around 60 percent since mid-2014.

Russia, the world's biggest energy exporter, is struggling to pull out of recession after the slump in oil prices and international sanctions over its actions in Ukraine.

Based on reporting by Reuters, TASS, and Bloomberg
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