Russia seeks 'just and stable' oil price
Friday, 28 November 2008
CARACAS, Nov 27 (AFP): Russian President Dmitry Medvedev said yesterday that Russia sought a "just and stable" oil price, after talks with his counterpart in OPEC-member Venezuela.
"Russia is interested in a just and stable price for oil. Prices shouldn't be too low or speculatively high. We want reasonable prices," Medvedev said.
Oil prices last week slumped below 50 dollars amid market concern that a global recession will severely hit energy demand.
"The situation cannot fail to worry Russia and Venezuela and other countries that export oil. There is a concept of a just price," Medvedev said at a news conference with Chavez, who is pushing for OPEC to cut oil output in an effort to lift prices.
The Russian leader reiterated that Russia would coordinate strategy with the Organization of Petroleum Exporting Countries (OPEC) which pumps 40 per cent of the world's crude.
Russia, one of the world's largest producers of oil and gas, is not a member of OPEC.
Moscow has not ruled out a cut in production, Russia's energy minister said this week.
Venezuela has said it will seek a cut in crude production of 1.0 million barrels per day by the end of the year at an OPEC meeting in Cairo next weekend to try to slow the price slide.
"Russia is interested in a just and stable price for oil. Prices shouldn't be too low or speculatively high. We want reasonable prices," Medvedev said.
Oil prices last week slumped below 50 dollars amid market concern that a global recession will severely hit energy demand.
"The situation cannot fail to worry Russia and Venezuela and other countries that export oil. There is a concept of a just price," Medvedev said at a news conference with Chavez, who is pushing for OPEC to cut oil output in an effort to lift prices.
The Russian leader reiterated that Russia would coordinate strategy with the Organization of Petroleum Exporting Countries (OPEC) which pumps 40 per cent of the world's crude.
Russia, one of the world's largest producers of oil and gas, is not a member of OPEC.
Moscow has not ruled out a cut in production, Russia's energy minister said this week.
Venezuela has said it will seek a cut in crude production of 1.0 million barrels per day by the end of the year at an OPEC meeting in Cairo next weekend to try to slow the price slide.