Russian oil field in SiberiaFrom EL Universal:
Russia does not rule out joining the Organization of the Petroleum Exporting Countries (OPEC), Russian President Dmitry Medvedev said Thursday, reported the Russian news agencies Interfax and Ria Novosti, as quoted by AFP.
This country is ready to join efforts with OPEC to reduce production in order to sustain the oil price, said Medvedev.
The oil organization will meet next week in Algeria to discuss the issue of falling oil prices and eventually agree a reduction of the output.
"Our partners, colleagues from the oil club (OPEC) are asking us to have a coordinated policy (…) We are ready to do it," Medvedev told reporters during a visit to Kurgan, a city located in the south of the Ural mountains, Reuters reported.
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My Comment: One should not be surprised. They produce oil at the same rate as Saudi Arabia, and their natural gas deposits are some of the largest in the world. The drop in oil prices has impacted every oil exporting nation .... but trying to cut production and raise prices in a recessionary economy is not going to solve the problems that are associated with low oil prices. Russia is going to learn about this very soon and very quickly.