MOSCOW (Bloomberg) — President Dmitry Medvedev said Russia may join the Organisation of Petroleum Exporting Countries and reduce output to support the oil price.

Medvedev said Russia must defend its economy, which is based largely on energy exports.

Defensive measures may include "cutting the volume of oil production and participating in existing organisations of suppliers, and in new organisations, if we can reach such an agreement", the president said in the Ural Mountains city of Kurgan. His comments were confirmed by the Kremlin press office.