"I would like to say that we are ready for that [joining OPEC], we have to protect ourselves, that this is our revenue base - both regarding oil and gas. And such protective measures could also be connected with cutting oil production volumes," Medvedev said at a conference on socio-economic development in the Urals.
Reiterating the importance of oil revenues for Russia, Medvedev added that, "we will act as we see fit."
World oil prices have fallen by more than 60% from a record high of $147 per barrel in July to under $50, as the global credit crunch has reduced the demand for fuel.
The Organization of Petroleum Exporting Countries (OPEC) is set to hold an extraordinary meeting in Algeria on December 17 to decide on further oil output cuts.
A senior executive at Russia's largest independent producer LUKoil said earlier on Thursday the 13-nation cartel was likely to decide to cut output by 2.5 billion barrels a day, and the decision would be backed by Russia.
"If 2.5 million barrels a day, or 125 million tons a year, is taken off the market, the [crude] price could rise to $60-80," LUKoil vice president Leonid Fedun said.
OPEC cut production by 1.5 million barrels a day last month, but crude prices have continued to fall.
Russia and OPEC together account for more than half of global oil production.
Earlier reports said Russia had handed over a draft memorandum on cooperation to OPEC and expected it to be considered in December.
