Russia ready to back OPEC production cut plan
"In the current situation, we believe a freeze or a cutting of the production of oil is the only way preserve the stability of the energy sector and accelerate a rebalancing of the market," Putin said at the World Energy Congress in Istanbul.
"Russia is prepared to join joint measures limiting production," he added.
Putin expressed hope that this would lead to a concrete agreement at a meeting of OPEC members in November.
Oil producers have high expectations for the World Energy Congress, a meeting between the world's major energy players, which includes both OPEC and non-OPEC members.
In September OPEC agreed to the outline of a deal that will cut oil production for the first time in eight years.
According to analysts the move will brighten prospects across the energy industry for both multi-national corporations and small-scale producers of shale.
This would boost the economies of oil rich states like Russia and Saudi Arabia but inversely result in higher prices at the pump for customers.