Japanese Prime Minister Shinzo Abe, left, and Russian President Vladimir Putin come down on the escalator after their talks in Vladivostok, Russia, Friday, Sept. 2, 2016. (Alexei Druzhinin, Sputnik, Kremlin Pool Photo via AP)
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Vladimir Putin said he'd like OPEC and Russia, producers of half of the world's oil, to reach a deal to freeze supply and expects the dispute over Iran's participation can be resolved.While talks collapsed in April over whether Iran should join in, countries now recognize the nation – freed just months ago from international sanctions – should be allowed to continue raising production, Putin said. The prolonged slump in crude prices – stuck at half the levels seen two years ago – is battering the economies of producer nations, giving oil-market rivals cause to cooperate.The agreement collapsed just hours before it was due to be signed when Prince Mohammad insisted on Iran's participation, leaving Novak diplomatically exposed.Russia is ready to take part in informal talks with OPEC later this month, even if a deal isn't immediately forthcoming, Novak said Friday on sidelines of an economic forum in Vladivostok.Putin said that oil producers recognize that Iran, which has mostly restored the output halted during three years of trade restrictions, deserves to complete its return to world markets.
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