Russia Plays Key Role On Global Oil Market

According to the report by OPEC experts made public on Saturday by the Secretariat General of this organization in Vienna, this year Russia will be a key country to support stability on global oil markets. Analysts acknowledge the leading role played by Moscow in the decision to reduce oil production and export quotas by 1.5 million barrels a day which was adopted at the Cairo Extraordinary meeting of oil and power engineering ministers of OPEC member states. The report emphasizes that only because of the policy of Russia, the second largest oil exporting country, it became possible to reach a compromise solution between the global oil cartel member-states and the large oil producing states outside OPEC, and through joint efforts it also became possible "to turn the situation on oil markets towards stabilization and establishment of just crude oil and fuel prices." According to OPEC experts, if OPEC's cooperation with Russia and other independent oil exporting states follows the way drafted in Cairo late in December, then it might be possible to make the price for a crude oil barrel extracted by OPEC countries and Mexico as well as Russia reach the average level of $20. It was ! ! exactly this figure which Russian President Vladimir Putin mentioned during his talks with Venezuelan President Hugo Chavez as the lowest limit of the crude oil price corridor.