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Putin wants to freeze oil output with exemption for Iran

Russian resident Vladimir Putin is now trying to make a deal with OPEC to freeze oil production, and the deal does not need to include Iran, according to Bloomberg News.

Photo: Dmitry Lovetsk/AP/Polfoto

The oil price dropped from more than USD 50 per barrel of North Sea oil to about USD 45 per barrel in just one week. The continued pressure on the oil price now prompts Russian president Vladimir Putin to state that he would like a deal to be made with the Organization of the Petroleum Exporting Countries (OPEC) to freeze oil production, reports Bloomberg News.

"From the viewpoint of economic sense and logic, then it would be correct to find some sort of compromise. I am confident that everyone understands that," Putin says.

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