Russia will cut crude oil output and will cooperate with OPEC to support global oil prices, President Vladimir Putin said at his end-of-year news conference on Friday. Putin said he hoped oil prices would stabilize at current levels, above the average oil price of $40 per barrel factored into Russia’s budget. Putin said the country’s oil-dependent budget would receive an extra 1.75 trillion rubles ($28.65 billion) next year if oil prices averaged $50 per barrel. (Reporting by Katya Golubkova, Vladimir Soldatkin and Denis Pinchuk; Writing by Andrey Ostroukh; Editing by Andrew Osborn)