Source Pravda.Ru

Implementation Of Opec Oil Policy Impossible Without Russia

Implementation of OPEC oil policy in modern conditions is impossible without involvement of Russia, the second major oil exporter in the world, OPEC Secretary General Ali Rodriguez Araque stated upon the completion of the extraordinary meeting of oil and energy ministers of OPEC member-countries held in Cairo. According to him, a final decision to lower quotas on crude oil extraction and export deliveries by 1.5 million barrels a day since January 1 adopted by the Cairo meeting would be impossible without realising the fact that Russia, Norway, Mexico and Angola will also make corresponding cuts in oil exports. Rodriguez stressed his intention to make a trip to Moscow to hold talks with Russian Energy Minister Igor Yusufov. Rodriguez emphasised that OPEC will continue stepping up cooperation and coordination with major oil producers - non-members of the world oil cartel - since only such an approach can help stabilise world commodity markets and achieve fair oil prices.