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OPEC is not needed?

22 December 2008

In light of the next reducing quotas by the Organization of Petroleum Exporting Countries (OPEC) and the statement of the Russian Deputy Prime Minister Igor Sechin that Russia is considering various options for cooperation with OPEC, the journalists of the Nakanune.ru news agency are considering what is the role of this organization in the world today, how much OPEC can really influence oil pricing and how it all relates to Russia.

Sergey Agibalov, an expert of the IEF Foundation, answered a number of questions from journalists. In particular, he pointed to the fact that the structure of the Russian oil sector differs significantly from that which has formed in most the OPEC member countries. «There is one state oil company in most of the states, and in Russia there are about five large companies, some of them are private A question arises of how to divide export quotas between them. It is difficult to regulate, it will only lead to internal conflicts.»

The full text of the article is available at the news agency Nakanune. Ru website.

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