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OPEC official to visit Moscow for coordination talks

DUBAI: A top official from the Organisation of Petroleum Exporting Countries (OPEC) is set to visit Russia next month to follow up on Moscow’s call for closer ties with the cartel, which produces around 42 per cent of the world’s oil.

OPEC Secretary-General Abdullah al-Badri has said at a press conference in Vienna he would visit Moscow in October “to look at oil markets, and look at supply, demand and market movements and any other kind of activities that we can cooperate on together.”

The proposed visit follows an address to OPEC by Igor Sechin, chairman of Russian oil company Roseneft. Mr. Sechin said Moscow was keen on signing an MoU with OPEC to improve coordination and maximise business opportunities.

Russia is the second largest producer of oil after Saudi Arabia.

Mr. Sechin’s call comes amid apprehensions that Russia, the largest supplier of gas to Europe, is expanding its energy leverage vis-À-vis the West to draw political benefits.

Asked whether there was a link between the Russian move and Moscow’s strained ties with the West over South Ossetia,

Mr. Al Badri said: “I don’t think our cooperation with Russia will affect the consumer, because as far as we are concerned we are trying to encourage dialogue between producers and consumers.”

Ahead of the OPEC session, Mr. Sechin said Russia was interested in a regular energy dialogue with OPEC.

According to the Ria-Novosti news agency, he also called for establishing with OPEC, “a mechanism for regular coordination, information exchange, and market analysis and forecasting.”

Besides, he said Russia was “interested in integrating deeper into the global market through cross ownership of assets of the world’s leading energy companies.” Apart from oil,

Russia, Iran and Qatar have been leading the debate on establishing an international gas cartel along the lines of OPEC.

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