Russia says no plans to join OPEC
Russia announced on Tuesday that it has no plans to join the Organization of Petroleum Exporting Countries (OPEC).
“It’s widely known that Russia has contacts on the expert level with representatives from OPEC, but as far as I know, the question of Russia joining this organization has not been put forward and isn’t on the agenda,” said Kremlin spokesman Dmitry Peskov, as reported by Sputnik news agency.
Peskov’s comment came in response to to an earlier statement by Igor Sechin, the head of Russia’s oil giant Rosneft, who said that there were no advantages of Russia's membership in OPEC.
Sechin also listed as an explanation the fact that Russian oil market is mostly privatized and the government cannot control it the way that it is done in OPEC member states, where the majority of oil companies are state-run.
This follows speculations that Russia joining OPEC could lead to the stabilization of prices in the global oil market.
Oil prices have dropped significantly so far in the second half of 2015 compared to summer 2014, falling from $100 to $43 per barrel for Brent crude — primarily a result of oversupply in the global market.
In late July, OPEC said it would not decrease oil production, keeping its production level at 30 million barrels per day.
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