The announcement of Russian President Vladimir Putin that his country would join the Organisation of Petroleum Exporting Countries (OPEC) in implementing an output freeze has impacted on the global oil price as oil prices hit one-year high on Monday.
Speaking at the World Energy Congress in Istanbul, Turkey, Mr Putin signaled that his country, which is one of the top three producers of oil, might even agree to a production cut to drive market stability.
Brent Crude, the international benchmark for oil, was trading at $53.55 in London yesterday, while West Texas Intermediate (WTI) was going for $51.45 per barrel.
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