Russian President Vladimir Putin said an agreement between oil exporters to freeze output would be the right decision for the global market and Iran should compromise to achieve a deal.

Attempts by OPEC and non-OPEC oil exporters to reach a pact on stabilizing production levels earlier this year foundered because Iran, which is anxious to increase exports after the lifting of international sanctions, declined to participate.

“I think that from the point of view of economic expediency and logic, it would be right to find some sort of compromise,” on Iranian output, Putin said in an interview with Bloomberg, a transcript of which was published on the Kremlin website.

“I would very much like to hope that all the participants in this market, who want to maintain stable and fair world prices for energy resources, will at the end of the day take the necessary decision,” Putin was quoted as saying.

He said he would convey his position to Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman, whom he may meet on the sidelines of a G20 gathering in China this weekend.

“It wasn’t us who rejected a freeze on production volumes, it was our Saudi partners who at the last minute changed their point of view and decided to take a time out in taking this decision,” Putin was quoted as saying.

“If Prince Salman and I talk on this subject, I will of course lay out our position again: we believe that it (an output freeze) is the right decision for global energy.”

An informal meeting between OPEC and exporters outside the group is due to take place in Algeria later this month.

Author:  Christian Lowe, Maria Tsvetkova

Source: www.reuters.com