Posted on 09/16/2014 6:59:39 AM PDT by thackney
Russian Energy Minister Alexander Novak will meet OPEC officials on Tuesday in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget.
The annual meeting had been planned long before oil fell below the $100 per barrel level critical for Russia's oil sales which account for 40 percent of state budget revenues.
Russia suffered from a decline of oil production and prices this year and has cut its outlook for oil output as core Western Siberian fields become more depleted.
The spokeswoman said that Novak and the officials from the Organization of the Petroleum Exporting Countries had not planned to discuss the prices of oil, which hit 26-month low for Brent crude on Monday.
However, a government source told Reuters that the measures to prop up the prices have long been discussed at the ministry. "The talk of closer cooperation with OPEC on prices have long been there," he said.
So far, Russia, the world's top producer of conventional oil, has ruled out coordinated action with OPEC to halt the price decline.
(Excerpt) Read more at rigzone.com ...
They’re dependent upon $100 a barrel oil? Seriously? Screw them...
I see it as desire, not dependent.
The perfect time to slide in a "carbon tax" on the American public.
IF oil (and gas) prices are tied to production ... COULD
The increase in NG production in the US decrease the royalty checks of the common folk blessed with some land ?
I've noticed a continual drop in my royalty check and I've remembered what you advised months ago that production would gradually decrease over time ... and I accept all that ... but could the world market be manipulated to keep common folk from having wealth ?
I have a pittance 2.5 acres, but many of my neighbors and frirnds have 100 plus acres
Open the pipeline and send OPEC, ISIS and Russia to their knees.
Increases in production rate without similar increases in demand are going to lower prices for Natural Gas, that happened pretty strong in the US as our shale production kicked off.
But production wells are not magic machines that flow constant forever. Production rates decline over time. And tight formation like shale decline rather fast. Even if the price did not change, the money paid to the mineral owner can drop fast.
If you mean the Keystone XL, it isn’t going to make that kind of change. If the Keystone XL isn’t built, that oil/bitumen is still going to go on the market, just transported at a higher cost.
Russia used 104USD as the average price of oil in 2014 for budgeting purposes and the price has been above 100USD for a good part of the year.
Yep, there is a plan to institute a sales tax and a real property tax and also to add a couple percent to income tax.
AFAIK, ministry of economy isn’t supportive with the sales tax but I have no idea about the rest.
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