OPEC system 'not applicable' to Russia
Sunday, 14 December 2008
PARIS, Dec 13 (AFP): The vice chairman of Russian state-owned energy giant Gazprom said Friday that his country could not take part in OPEC-style production quotas to limit output.
"The mechanism of OPEC couldn't be applicable straight-forwardly to the Russian Federation," Alexander Medvedev told a press conference here.
"We are in contact with OPEC to exchange information," he added, saying this was "a good signal for the market because... it gives support (to prices)."
He said Russia could introduce measures to stabilise the country's production but "not in compliance with the OPEC mechanism" and "based on the specifics of our production."
"The mechanism of OPEC couldn't be applicable straight-forwardly to the Russian Federation," Alexander Medvedev told a press conference here.
"We are in contact with OPEC to exchange information," he added, saying this was "a good signal for the market because... it gives support (to prices)."
He said Russia could introduce measures to stabilise the country's production but "not in compliance with the OPEC mechanism" and "based on the specifics of our production."