Turkey, Russia ready to finalize natural gas project

Russian President Vladimir Putin (L) shakes hands with Turkish President Tayyip Erdogan during their meeting in Istanbul, Turkey, October 10, 2016.

The Turkish and Russian leaders on Monday voiced their readiness to finalize a deal on the so-called "Turkish Stream" project that will carry Russian natural gas to Turkey and possibly Europe.

"We want to realize the Turkish Stream with Mr. Erdogan and our other partners," Russian President Vladimir Putin said in a speech made at the 23rd World Energy Congress underway in Istanbul, referring to his Turkish counterpart Recep Tayyip Erdogan.

"Moscow is ready to take the necessary steps," Putin added.

The Turkish Stream project, under which Russian gas is to be delivered to Turkey and Europe through the Black Sea, was initiated by Putin in 2014 as an alternative route to the canceled South Stream project that would pass through Bulgaria.

The project was suspended following Turkey's downing of a Russian warplane in November 2015, but negotiations have resumed after Ankara and Moscow moved to revive their relations in late June.

For his part, Erdogan said his country takes a "positive" stand about the progress being made in the project.

Addressing the energy congress, the Turkish leader said efforts to finalize the deal on the project are continuing.

In his speech, Putin also threw his support for the Organization of the Petroleum Exporting Countries (OPEC) in its effort to limit oil supply and boost prices.

"We believe freezing or even reducing oil production is the only way to save the stability of the energy sector," Putin said.

Noting that Russia stands ready to join "common efforts" to limit oil production, the Russian leader called on others to take similar moves.

At a meeting late last month in Algiers, the Algerian capital, the OPEC announced its intention to reduce its oil output to 32.5 million bpd from the current level of some 33.24 million bpd, but details are to be worked out when members meet again in November.

Responding to Putin's statement, the Brent petrol price grew 3.1 percent to 53.54 U.S. dollars, the highest for the past year.

In his speech to the energy congress, Venezuelan President Nicolas Maduro Moros stressed that the pressure from low oil prices is growing, saying the situation is no more sustainable for both nations and companies.

Maduro, whose country is an OPEC member facing a dire economic situation, urged the OPEC members to reach an agreement so that the oil sector could return to stability.

"The decrease in prices is even below the cost," he said. "That's why the moderate-size countries are having difficulties to use their production capacities."

Saudi Arabia's Energy Minister Khalid al-Falih was optimistic about major oil producers' agreement to cut productions by November at the OPEC's next meeting.

"It wasn't unthinkable that the crude prices could rise another 20 percent this year to 60 dollars per barrel," the minister told the Istanbul congress.

Some 1,000 participants, including 260 energy ministers and CEOs along with leaders from 82 countries, are present for the four-day energy congress that concludes on Thursday.