Source Pravda.Ru

Indonesia Suggests That Russia Join OPEC, as Iraq May Quit It

Jakarta believes that Iraq could quit the Organisation of the Petroleum Exporting Countries after the privatisation of its national oil industry, a member of the Indonesian delegation to the OPEC General Secretariat in Vienna told RIA Novosti on Monday.

According to him, Baghdad could do this "in order not to obey the cartel discipline and quota restrictions." Indonesian estimates suggest that Iraq's quitting the OPEC may lead to world oil prices dropping to $15-16 per barrel.

"We must invite Russia, the principal exporter of crude oil to the world energy markets to enhance the international oil cartel and bring back its previous weight and influence," the RIA Novosti interlocutor said.

He stressed that the reaction of Moscow had earlier been negative as Moscow was unwilling to make cartel commitments and was going to base its oil export policies on national interests.