Russia has said, its oil majors were ready to back moves by the government to curb oil production in co-ordination with Organization of the Petroleum Exporting Countries (OPEC) to push up oil prices that have been under pressure for months. Energy Minister Alexander Novak said, Russia was ready to take part in the process of rebalancing prices. His comments came a day after President Vladimir Putin propelled oil prices higher by saying Moscow could join OPEC by freezing or cutting production.<br/><br/>Mr Novak is expected to hold talks in Istanbul with some OPEC members today. OPEC had last month in Algiers agreed its first production cut in eight years to bolster prices. OPEC Secretary General Mohammed Barkindo described the Algiers agreement as a turning point and hailed the greater coordination with non-cartel members like Russia.