Wednesday, November 26, 2014

Amid Clamor on Oil Price, Deep Mutual Distrust Divides Russia and OPEC

Amid falling oil prices, a plunging ruble and a gathering financial crisis, then-Deputy Prime Minister Igor Sechin caught the world's attention in September 2008 as he led an unprecedentedly high-profile Russian delegation to the Organization of Petroleum Exporting Countries in Austria to rally international support for output cuts.
In the last few days, history appeared to be repeating itself. The officials dispatched to Vienna earlier this week were the most heavyweight group to represent Russia at OPEC since the financial crisis. Sechin, the most powerful figure in Russia's energy industry and now the head of Russia's state-owned oil giant Rosneft, arrived Tuesday to hold talks with some of the key players in the cartel, including Saudi Arabia.
While one of the world's biggest energy exporters, Russia has never been a member of OPEC.
see in: Russian Opec?
INC News, 26/11/2014

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