A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji
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cooperation to stabilize oilRussian President Vladimir Putin said last week he'd like OPEC and Russia to agree on an output freeze, boosting speculation that members of the Organization of Petroleum Exporting Countries and other major producers might strike such an accord at talks this month in Algeria.While Russian-Saudi cooperation is yet to yield firm steps toward steadying the market, a joint news conference between the two oil giants is rare.Putin has said that oil producers now recognize that Iran, which has mostly restored the output halted during three years of trade restrictions, deserves to complete its return to world markets.Iran showed Monday that it's ready to pump more oil, with state-run National Iranian Oil Co. saying the country can raise production to 4 million barrels a day in two to three months from the current daily level of about 3.8 million.
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