Business news online

Medvedev: Russia is ready to coordinate its actions with OPEC

“We are ready to discuss and coordinate in the oil market from OPEC countries, but that does not mean that we are going to organize a private club. We are talking about the responsible actions of key players of the energy market”, – said Russian President Dmitry Medvedev during the visit in Venezuela. “Of course we are concerned about oil prices. Prices can not be too low or speculative high,” – he said.

The statement came in response to the appeal of Venezuelan President Hugo Chavez to work within the country Petroleum Exporting (OPEC) to maintain rather “podsevshih” in oil prices.

“We discussed issues of energy, oil and the need to continue to maintain and intensify cooperation within and outside OPEC, OPEC, with the participation of Russia to save the price of our oil, return the (former) prices “, – said Chavez during a reception in his palace of the Russian president Dmitry Medvedev.

Chavez also said that the comfortable level of oil prices would range between $80 and $100 per barrel. The proposal Medvedev described as “interesting”.

Russia in recent months has become more closely with OPEC. In particular, Moscow has agreed to cooperate with the OPEC group of specialists, studying fluctuations in the markets.
November 25, Energy Minister Sergei Shmatko during a visit to India did not rule out the possibility of a coordinated reduction in OPEC output “black gold”. “Russia will act in coordination with OPEC to meet their own interests,” – Shmatko told reporters. However, Moscow has not yet endorsed any statements to reduce production and supply of oil.

Extraordinary Meeting of the oil cartel will be held in Cairo on 29 November. But the meeting could be decided on a new reduction of production quotas. However, OPEC members are aware that without reducing production by countries outside the cartel, the measure will have relatively limited effect.

The last time the joint action of OPEC and other producers have occurred in 2002, when Russia, Mexico and Norway have agreed to a proposal by the cartel to reduce production to support prices, then fallen below $20 a barrel.

deepening cooperation of one of the world’s largest producers of energy – Russia – with OPEC, which accounts for about one-third of global oil production, raises concerns among oil consuming countries that they will jointly establish control over the world market.