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Russia ready to join OPEC as observer

Russia is ready to join OPEC as an observer, Rosneft Company CEO Igor Sechin said today, on February 10.

“We are ready to cooperate. As an observer we were ready to join it,” he said. “However, they want us to join OPEC as a member, though we can’t do this due to the extraction peculiarities of Russia’s oil industry. We cannot operate the way OPEC does. Our oil industry is privatized, and there are some foreign shareholders," Rosneft CEO said. However, Sechin said, the extraction conditions differ from those in Africa and the Middle East.  Besides, he said, Russian companies cannot regulate an increase or a decrease in the recovery level that quickly.

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“At present, we do not see OPEC as a single organization, for there is a group of countries that pursue their own policy within OPEC and force it upon all the other members of the Organization. Meanwhile, not all OPEC members support the implementation of decisions made by the Organization," said Rosneft CEO.

As for the long-term cooperation, he said: "we can use our opportunities more efficiently."

Permalink: eadaily.com/en/news/2015/02/10/russia-ready-to-join-opec-as-observer
Published on February 10th, 2015 04:19 PM
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