The price of Brent crude rose to a one-year high of $53.58 a barrel yesterday after Russian President Vladimir Putin gave his support for OPEC’s plan to cap oil production.
Ministers from the world’s largest oil-producing countries are meeting at a conference in Istanbul this week to discuss ways to restrict the record output levels seen over the past two years.
Speaking at the World Energy Conference, the president of Russia (which is not a member of OPEC) said: “We believe freezing or even reducing oil production is the only way to save the stability of the energy sector.”
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