Moscow (Platts)Russia’s deputy prime minister Igor Sechin said Thursday that coordinated
action between OPEC and other oil producers helped stabilize crude prices at
about $40/barrel.
“We believe this is the result of joint work. We support the cut in oil
supply, and Russia participates in this work,” Russia’s Prime-Tass news agency
quoted Sechin as saying at a meeting with President Dmitry Medvedev outside
Moscow.
“We think Russian companies have contributed to the stabilization of
prices, but this work should continue.” Sechin said Russia cut oil output by 3
million mt and exports by 15 million mt in 2008.
During the December OPEC meeting in Oran, Algeria, Sechin said Russia
would reduce its oil supply by a further 16 million mt, or 320,000 b/d, in
2009 if low oil prices persisted.
Sechin has said that crude stocks currently stand at about 62 to 63 days.
Sechin also called for holding an international conference of major oil
producers in Moscow at the end of this year to discuss crude pricing issues.
OPEC and non-OPEC producers will be invited, he said.
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