Russia poised to gain from deal on oil production freeze

Moscow

WITH its oil output at record levels and state coffers running low, Russia has little to lose and much to gain from agreeing to a deal with the Opec cartel on limiting production.

Ahead of an Opec meeting set for Nov 30 in Vienna, Moscow - which is not a member of the Organization of the Petroleum Exporting Countries - is pushing for an agreement to be finally reached after similar talks in Doha collapsed acrimoniously in the spring.

Russia is one of the biggest oil producers in the world, along with Saudi Arabia and the United States, and has paid dearly for the collapse in prices over two years of recession, exacerbated by Western sanctions over Ukraine.

While Opec plans to reduce production quotas for its members, President Vladimir Putin said last week that Russia was ready to "freeze production a…