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Opec has 'firm commitment' from Putin that Russia will join deal

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President Vladimir Putin has given a "very firm commitment" to Organisation of Petroleum Exporting Countries (Opec) that Russia will join an accord to limit oil production, the head of the organisation said.

[DUBAI] President Vladimir Putin has given a "very firm commitment" to Organisation of Petroleum Exporting Countries (Opec) that Russia will join an accord to limit oil production, the head of the organisation said.

"We are confident of Russia's commitments," Secretary-General Mohammed Barkindo said in an interview with Bloomberg Television in Istanbul, where energy ministers and oil-company executives are gathered for the World Energy Congress.

Talks with Russia have been "very constructive," he said.

Russia's two largest oil producers said Tuesday they would comply with any government instructions to curb oil output, following Mr Putin's backing on Monday for a supply deal with the Opec.

That leaves the success of an accord in the hands of an Opec committee, set to meet later this month, which needs to resolve disputes with Venezuela and Iraq over how much they can pump.

It's "too early" to detail output quotas for members, Mr Barkindo said.

Opec agreed in Algiers last month to introduce an overall production limit of 32.5 million to 33 million barrels a day, compared with record output of 33.75 million a day in September.

Individual caps will be determined at the group's next formal meeting on Nov 30 in Vienna.

BLOOMBERG