Russia: OPEC Met and Russia Was There!


I was drinking my morning cup of coffee and thinking about the OPEC meeting. I was thinking about the outcome of said meeting. I had already posted about the OPEC meeting and Russia’s involvement with OPEC. The meeting happened and OPEC has decided that 2.2 million barrels a day of oil will be cut from production. They are expecting Russia to comply by cutting 320,000 barrels a day.

I feel that this is excessive and if fully implemented after a 1.5 million barrel a day cut already this year, that we are actively promoting the continuation of the roller coaster effect.

The question of Russia’s desire to join OPEC has now become forefront and the facts of discussion have not been revealed yet. This is a decision that Medvedev is pondering and will most likely discuss with the Oil Giants in Russia! The only statement said about joining was on TV and it reported that Russia will continue to have some form of involvement with OPEC, as Russia counts for 12 percent of world oil production…..

Kyle & Svet

comments always welcome.