OPEC's Investment Into Russian Economy Will Contribute To Stabilizing World Oil Prices

Russia suggested to the member-states of the Organisation of Petroleum Exporting Countries (OPEC) that they invest in various sectors of the Russian economy, said Energy Minister Igor Yusufov at a press-conference Tuesday. Such investment might mainly target sectors where the level of energy consumption is high, the minister said. This could provide for bringing down Russian oil exports, which matches OPEC's desire to stabilize world oil prices. The minister also said that Russia plans to establish under the auspices of the Energy Ministry a coordination committee on cooperation with OPEC. According to him, this body will work as a volunteer organization and will comprise the leading Russian oil companies. Mr. Yusufov also said that OPEC has come out with a proposal to create a club of countries to observe the functioning of the organization under the patronage of Russia. Mr. Yusufov stressed that at the meeting in Vienna Russia did not consider it appropriate to sign the document stating that OPEC's decisions are mandatory for all countries that are not members of the organization. On the topic of regulation of Russia's oil exports to the world markets, Mr. Yusufov said that he "does not see any reason why Russia's partners in OPEC could be frustrated, as Russia is cooperating with the organization more than necessary on issues related to analysing the situation on the world market."

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