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OPEC Invites Russia For Meeting To Boost World Oil Prices

Russian Energy Minister Aleksandr Novak (right) speaks during a press conference during the 23rd World Energy Congress on October 12.

The Organization of the Petroleum Exporting Countries (OPEC) has invited Russia to attend a meeting later this month to establish a road map for boosting flagging world oil prices.

The announcement came after a meeting in Istanbul between top OPEC energy ministers with their Russian counterpart, Aleksandr Novak, on October 10.

The meeting took place on the sidelines of the World Energy Congress in Istanbul, during which Russian President Vladimir Putin said Moscow was ready to cut or freeze oil production and support the OPEC cartel's efforts to bolster prices.

The prospect of an agreement between the world's top oil producers has boosted global oil markets in the past few days and boosted prices.

Novak confirmed that Russia had been invited to the October 28-29 meeting in Vienna which would "work out a road map for the cooperation of our countries" in boosting oil prices.

Novak said talks in Istanbul were "constructive" and "mechanisms" of cooperation between OPEC and non-OPEC countries were discussed.

Based on reporting by AFP and Interfax