World Energy Congress: Major oil producers seek to balance market

Leaders from the top energy producing nations are attending the World Energy Congress in Istanbul. Senior officials from the Organization of Petroleum Exporting Countries (OPEC) have stressed the need for cooperation with non-OPEC countries in order to stabilize oil prices at sustainable levels. OPEC nations are also trying to nail down the details of an agreement on modest oil output cuts, the first such deal since 2008. On Monday, Russia’s President Vladimir Putin said his country is ready to reduce oil production, and supports OPEC’s initiative to trim production as a way to support oil prices.

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