Prices climbed almost 2.5pc to $53.14 a barrel on Monday after Mr Putin told an energy congress in Istanbul that Russia was “ready to join the joint measures to cap production” and would “call for other oil exporters to join”.
Khalid Al-Falih, the Saudi energy minister, said other producers outside OPEC chad expressed their readiness to work with the cartel.
“It is not unthinkable that we could see $60 by year-end,” said Mr Al-Falih.
Mr Al-Falih’s comments were echoed by Bob Dudley, the chief executive officer of BP who told Bloomberg that oil prices could hit a range of between $55 and $60 a barrel by the end of the year following the OPEC agreement.
Oil has climbed about 10pc since group provisionally agreed on September 28 to cut production for the first time in eight years.
Members, including Saudi Arabia, Iran and Libya agreed in Algiers to limit output to a range of between 32.5m and 33m barrels a day, compared with production last month of about 33.75m.
However, precise details of which members will make cuts or if producers outside OPEC, including Russia, will join, are yet to be finalised.
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