Russia is ready to coordinate its oil price policy with the Organization of Petroleum Exporting Countries (OPEC) in a bid to stem the plunge in crude prices, President Dmitry Medvedev said Thursday.
"Our partners and colleagues from the oil club are asking us to pursue a coordinated policy," Medvedev told a conference on socio- economic development in the Urals.
"We are ready for this, we must defend ourselves .
Protective measures of this kind could be connected with a cut in oil output and taking part in existing supplier organizations or new organizations," he was quoted by Interfax news agency as saying.
World oil prices have fallen by more than 60 percent from a record high of 147 U.
dollar per barrel in July to under 50 dollars, as the global financial crisis has reduced the demand for fuel.
Russia and OPEC, which is to hold an extraordinary meeting in Algeria on Dec.
17 to decide on further oil output cuts, account for more than half of global oil production.
Earlier reports said Russia had handed over a draft memorandum on cooperation to the oil cartel and expected it to be considered in December.