December 23, 2016 / 11:15 AM / 2 years ago

Putin says Russia will cut oil output, cooperate with OPEC as planned

Russian President Vladimir Putin attends his annual end-of-year news conference in Moscow, Russia, December 23, 2016. Sputnik/Alexei Druzhinin/Kremlin via REUTERS

MOSCOW (Reuters) - Russia will cut crude oil output and will cooperate with OPEC to support global oil prices, President Vladimir Putin said at his end-of-year news conference on Friday.

Putin said he hoped oil prices would stabilize at current levels, above the average oil price of $40 per barrel factored into Russia’s budget.

Putin said the country’s oil-dependent budget would receive an extra 1.75 trillion rubles ($28.65 billion) next year if oil prices averaged $50 per barrel.

Reporting by Katya Golubkova, Vladimir Soldatkin and Denis Pinchuk; Writing by Andrey Ostroukh; Editing by Andrew Osborn

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