Sochi: Russia, currently the world's biggest oil producer, will work more closely with the Organisation of Petroleum Exporting Countries (Opec), Prime Minister Vladimir Putin said at a conference in Russia's Black Sea resort of Sochi.
"Opec is sometimes irritated by us as we, not being a member of the organisation, produce more oil, which influences international crude oil prices," Putin told delegates late on Friday.
"But we will coordinate our work with Opec," he said, adding Russia would also work with the Gas Exporting Countries Forum, which brings together leading gas exporters.
Observer status
He did not specify how Russia would collaborate or whether it planned to attend Opec's next meeting.
Opec ministers have voiced exasperation with Russia as it has pumped to full capacity, while leaving the work of supporting oil prices by reducing output to members of Opec.
It sent high-level delegations to attend Opec meetings as observers when the oil price was crashing to just above $30 (Dh110) a barrel in late 2008, but has not joined in with production cuts.
Instead, Russia's output has risen to records of more than 10 million barrels per day, taking it above that of Opec's largest producer Saudi Arabia, which is producing below capacity following Opec supply curbs.
Compliance slips
Opec's compliance with its output goals has slipped, but only after the market rallied to the roughly $70-$80 a barrel range its members have said is acceptable for consumers and producers.
The Opec countries do not plan to change output quotas at its next meeting amid the recovery of world oil demand after the recession, Opec President Wilson Pastor said.
"There are no plans to change Opec policies regarding production or prices," he said yesterday. "The world economy is growing, it's exiting the recession and as the economy grows, that will go hand in hand with robust growth in oil prices."
Prices to remain same
Opec is scheduled to meet next on October 14 in Vienna and may also convene again in Quito in December, Opec's president Pastor, who is also Ecuador's Minister of Non-Renewable Natural Resources, said last week at an event in Quito.
Prices will likely remain stable in 2011, he said, without giving additional details.
Opec in a recent report trimmed the demand outlook for its members' crude in 2011 as output from outside the group grows. The organisation predicted on September 9 that the world will need 28.8 million barrels of oil a day from its 12 members next year, about 100,000 barrels a day less than in its August report.
— Bloomberg
