Russian president Vladimir Putin has said that Russian firms are willing to freeze production levels if OPEC reaches a production agreement this month.
Putin said that freezing Russia’s crude production is “not an issue for us” and added that the country’s oil firms are ready to freeze output.
Speaking to members of the press at the APEC conference, Putin added that he believes there is a “high probability” that OPEC will reach a production agreement next week, Reuters said.
OPEC members are gearing up to meet in Vienna on November 30 in the hopes of finalizing a production freeze agreement.
The group agreed in October to cut its output range to between 32.5 million to 33 million barrels per day.
According to the International Energy Agency, OPEC production hit a record high of 33.8 million barrels per day in October thanks to recovering production in Libya and Nigeria as well as record production in Iraq.
The IEA said in its most recent monthly oil market report that OPEC must agree to “significant cuts” at its next meeting or risk another year of swelling oil inventories.
OPEC has not yet decided how the production cuts will be allocated or disclosed any further details about the plan.
The IEA added that global oil markets should move from surplus to deficit “very quickly” in 2017 if the cuts are implements but warned there is still a “considerable stock overhang that will take time to deplete.”
Russia, already the biggest producer of crude oil, is expected to see its output rise by 230,000 bpd this year.
According to the U.S. Energy Information Administration, Russia produced an average 11 million bpd of petroleum and other liquids in 2015.
That production level made Russia the world’s largest producer of crude oil including lease condensate and the world’s third-largest producer of petroleum and other liquids in 2015.