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Russia urges OPEC to close ranks to stabilize prices on the global oil market. The RF Vice Premier Igor Sechin handed over the Russia-OPEC draft memorandum to the OPEC on Tuesday, during the summit in Vienna.
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Sep. 11, 2008
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Russia to Share Prices with OPEC
Russia urges OPEC to close ranks to stabilize prices on the global oil market. The RF Vice Premier Igor Sechin handed over Russia-OPEC draft memorandum to the OPEC leader on Tuesday, during the summit in Vienna. Sechin offers to OPEC to jointly oppose the global manipulation of oil prices, while the West is prompted to return to discussions of the energy safety concept and the asset swept in power engineering.
Russia will step up cooperation with OPEC aimed at stabilizing the prices on the oil market, Vice Premier Igor Sechin declared in Vienna yesterday. Sechin headed Russias delegation that attended the OPEC summit as observer. The RF Energy Minister Sergei Shmatko, Rosneft CEO Sergei Bogdanchikov, Surgutneftegaz CEO Vladimir Bodganov, Transnefteproduct CEO Sergei Maslov, representatives of the government, ministries, Gazprom arrived in Vienna as well.

Sechin said Russias delegation had been sent to Vienna at request of OPEC leadership and by order of Vladimir Putin. But the interest was mutual, Sechin specified. We shouldnt pretend that we dont take part in pricing on the global oil market, we are a full-fledged party to this process. We have long paid for the ticket to the oil market, Russias vice premier explained.

In Vienna, Sechin handed over Russia-OPEC draft memorandum, specifying Russias proposals for the mechanism of regular contacts of OPEC and Russia (Shmatko will coordinate it on behalf of Russia), exchange of the analytical information about the oil market and the joint projects to improve its transparency.

The highlight of the discussion was creation of the operative and mid-term reserves to step up supplies on the oil market. Most of all, our interlocutors were interested exactly in supplies reserves and potential effect of supplies on pricing, as well as in the possibility to oppose destabilization of the situation on the oil market by certain players for political purposes, said a high-ranked source with Russias delegation.

All the Article in Russian as of Sep. 11, 2008

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