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Putin Says Russia Will Join OPEC Output Cut, Sending Oil Prices Surging

Russian President Vladimir Putin endorsed OPEC's plan for oil output cuts at a conference in Istanbul.

Russian President Vladimir Putin said Moscow is ready to cut or freeze oil production and supports the OPEC oil cartel's efforts to bolster prices, in comments that sent oil prices soaring to the highest levels of the year.

"We believe a freeze or a cutting of the production of oil is the only way to preserve the stability of the energy sector and accelerate a rebalancing of the market," he said at the World Energy Congress in Istanbul on October 10.

"Russia is ready to join joint measures limiting production and calls on other exporting countries to do the same."

Putin noted that low oil prices have caused the deepest recession in oil investment in 45 years, with investment spending dropping by nearly $500 billion in an intense bust cycle since 2014.

Russia and other nations with oil-driven economies have suffered deep recessions since prices collapsed by half from over $100 a barrel.

His comments spurred a big jump in prices on October 10 and 11, with premium crude soaring $1.54 to end at $51.35 a barrel in New York, its highest closing price since July 2015. Premium crude ended at $53.14 in London.

Based on reporting by AP, Reuters, AFP, dpa, Interfax, and TASS