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Thursday, September 25, 2008

Russia welcomed by OPEC

25.09.2008 - [Neftegaz.RU] - OPEC has stated that it would like to welcome Russia as its member although Russia has not applied for memebership. Algerian Oil Minister and OPEC President Chakib Khelil stated, "I have received no official request from Russia to become a member of the organization, even though we would like that". The RF Energy Minister Sergei Shmatko hoped September 19 that Russia and OPEC would seal the cooperation agreement in October in Moscow. Russia handed over the proposals during the OPEC summit in Vienna, the minister reminded. “We know that they are being considered positively,” Shmatko said, adding that Russia has been cooperating with OPEC for a decade and potential of the dialogue’s new format is very interesting. Although Russia isn’t currently an OPEC member, it regularly attends sittings of the cartel, which unites Algeria, Angola, Venezuela, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, the United Arab Emirates, Saudi Arabia and Ecuador. Russia intends to attend the next meeting of OPEC that is slated for December 17, 2008 and also agreed earlier this month to sign a cooperation agreement with OPEC. Russia is the second-largest oil and gas producer, just behind Saudi Arabia, making closer ties to OPEC, which dominates world oil production. Russia joining OPEC could be potentially bad news for major fossil fuel consumers including the U.S. and Europe. OPEC decided September 10, 2008 to cut daily oil production to 28.8 million bbl due to excessive market supply of crude oil. This move reduces the production by 520,000 bbl/day, or by 1.8 percent vs. July of 2008.

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