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Article: Lukoil VP: Russia should join Opec to help stabilize oil prices.(vice president)(Organization of the Petroleum Exporting Countries)
- Article from:
- The Oil Daily
- Article date:
- November 18, 2008
- Author:
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With the Urals crude grade recently slipping below $50 per barrel, there is growing support within Russia for closer cooperation with Opec.
For the time being, however, only one person is openly advocating Russian membership of Opec: Lukoil vice president, Leonid Fedun, who explained his views in the Russian newspaper Vedomosti on Monday.
To compensate for the natural decline in its production, Russia will have to launch new fields with a combined output of 2 million barrels per day over the next three years, Fedun noted. "In fact, we need to set up another Rosneft just to stabilize the current level of production," he said.
Fedun also noted ...