Current Oil Prices Suit Russia Perfectly

'Under present circumstances oil prices of $20-25 for a barrel of the Russian mix suit Russia just fine. This price is also within the limits set by OPEC,' announced Deputy Fuel Minister Oleg Gordeev at the 119th ministerial conference of the OPEC members today. As the ministry's press service informed, the above mentioned price range would allow Russia to keep the current production rate, while stimulating her oil industry as a whole. The Deputy Minister noted that the joint efforts of the oil producers in the world - the OPEC members and independent producers alike - to limit exports had made the market more stable, the price having settled at about $18-21 per barrel. This stability benefits both producers and buyers alike, though the policy of limiting export affected Russian oil exporters and her internal economy. The prices have gone down and revenues followed. In Mr. Gordeev's opinion, some of the main oil buyers are expected to come out of economic recession, thus the world demand for oil might rise. Russia intends to coordinate her actions so that export limits and world trends are synchronised. Russia's obligations in the face of European buyers and her own oil investment needs have to be lined up in accordance with the situation as a whole.

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