Opec hope for Russia

Senior officials from Opec and Russia will hold talks on Monday to discuss co-operation.

    Opec is an exclusive club to which Russia may be invited

    Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, the president of Opec, said at a press conference on Sunday that Russia was the world's second-leading oil exporter behind Saudi Arabia and a critical force in ensuring oil market stability.

     

    He was also reported as saying that Russia could one day join the Organisation of Petroleum Exporting Countries and that, whether it was a member or not, Moscow had always worked closely with the cartel on pricing and production policies.

     

    Russia will take over as chairman of the Group of Eight (G-8) industrialised countries next year means so this is a particularly opportune moment to hold discussions with Moscow on the oil market, he said.

     

    Ahmad, who is also energy minister of Kuwait, and other members of the high-level Opec delegation, were scheduled to meet Viktor Khristenko, the Russian energy and industry minister, and Sergei Lavrov, the foreign minister, on Monday.

     

    Falling demand

     

    Ahmad and Lavrov were expected to talk to journalists after the talks.

     

    Speaking in Beijing on Thursday, Sheikh Ahmad said Opec was likely to cut production in the second quarter of next year if demand and prices fall.

     

    His remarks reflected Opec's concern that oil demand will fall after winter in the Northern Hemisphere, pushing prices down.

    SOURCE: Reuters


    YOU MIGHT ALSO LIKE

    Interactive: How does your country vote at the UN?

    Interactive: How does your country vote at the UN?

    We visualised 1.2 million votes at the UN since 1946. What do you think are the biggest issues facing the world today?

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.