Russia Official: Russia May Have Talks On OPEC Entry

Russia Official: Russia May Have Talks On OPEC Entry
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Τρι, 16 Δεκεμβρίου 2008 - 17:38
Russia will likely discuss the possibility of entry into the Organization of Petroleum Exporting Countries during meetings with OPEC members this week in Oran, a Russian official said Tuesday.
Russia will likely discuss the possibility of entry into the Organization of Petroleum Exporting Countries during meetings with OPEC members this week in Oran, a Russian official said Tuesday.

Speaking to Dow Jones Newswires, the unnamed official said, "we expect to discuss" this option, "though it's not on the official agenda."

The official said members of the twenty-strong Russian delegation, which includes Deputy Prime Minister Igor Sechin, will meet the Algerian oil minister Chakib Khelil, as well as Saudi Arabian officials.

He said German Khan, a Russian shareholder of OAO TNK-BP (TNBP.RS) and its executive director, was part of the expected delegation along with a representative of OAO Gazprom's oil unit Gazpromneft (GZPFY).

The Russian delegation will also meet representatives of Algeria state-owned oil and gas company, Sonatrach.

The official said the meetings will take place as Russia attends an OPEC gathering in Oran, Wednesday, as an observer.

He said the Russian oil companies will discuss how much of their production they could cut, should Russia agree to an output cut of its own.

OPEC is expected to announce a steep cut in production Wednesday as it tries to arrest a fall in oil prices, which has seen oil futures shed more than $100 since hitting record highs above $147 a barrel earlier this year. OPEC has called on non-members, including Russia, to participate in production cuts.

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