Russian President Dmitry Medvedev said Russia would consider cutting oil production and was "ready" to join the world's largest oil cartel, according to UPI.
"I would like to say that we are ready for that," Medvedev said about the possibility of joining the Organization of Oil Exporting Countries, RIA Novosti reported Thursday.
Medvedev, speaking at a conference on socio-economic development in the Urals, said Russia would also "protect ourselves ... and such protective measures could also be connected with cutting oil production volumes."
Russia has reportedly sent OPEC a draft memorandum of understanding expected to be considered at the Dec. 17 OPEC meeting in Algeria.
Vice president of LUKoil Leonid Fedun said Thursday he expected the meeting would include an agreement to cut production by 2.5 million barrels a day.
I f OPEC reduced production that much, crude oil prices could rise to $60-80 a barrel, he said.