SOCHI — Russia, currently the world's biggest oil producer, will work more closely with the Organization of the Petroleum Exporting Countries, Prime Minister Vladimir Putin said Friday.
"OPEC is sometimes irritated by us as we, not being a member of the organization, produce more oil, which influences international crude oil prices," he told a conference in Sochi.
"But we will coordinate our work with OPEC," he said, adding that Russia would also work with the Gas Exporting Countries Forum, which brings together leading gas exporters.
He did not specify how Russia would collaborate or whether it planned to attend OPEC's next meeting.
OPEC ministers have voiced exasperation with Russia as it has pumped to full capacity, while leaving the work of supporting oil prices by reducing output to members of OPEC.
It sent high-level delegations to attend OPEC meetings as observers when the oil price was crashing to just above $30 a barrel in late 2008, but has not joined in with production cuts. Deputy Prime Minister Igor Sechin said last year that Russia would cooperate more closely with the bloc to support prices.
Instead, the country's output has risen to records of more than 10 million barrels per day, taking it above that of OPEC's largest producer Saudi Arabia, which is producing below capacity following OPEC supply curbs.
OPEC's compliance with its output goals has slipped, but only after the market rallied to the roughly $70 to $80 a barrel range that its members have said is acceptable for consumers and producers.
Given the resilience of the oil price, analysts do not expect OPEC to change its supply policy when it next meets in Vienna on Oct. 14.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
