Posted on 09/09/2008 7:03:34 PM PDT by Perdogg
Russian Vice Premier Igor Sechin reached out to OPEC late Tuesday, calling for greater cooperation between the cartel and his country, the world's second biggest oil producer.
Sechin, who is chairman of Russia's biggest Russian oil group Rosneft, said a "draft memorandum of understanding" had been submitted to the Organisation of Petroleum Exporting Countries on closer cooperation between Russia and the group
(Excerpt) Read more at afp.google.com ...
Yet another reason to expand our own domestic sources.
You just get the feeling that had they left things alone, they could be sitting on top the world. But Russian paranoia has gotten the better of them.
Ping.
i remember in the mid-1970s discussing developing new technologies to improve at least mileage of vehicles,
if not new vehicles, with my father.
but we were in the minority. neither dems nor pubs wanted to anything,
nor the big 3 auto makers.
nor the epa, nor oil co’s.
so, we’re getting our own due.
As if Russias agenda could not be more crystal clear....
Putin sees how OPEC has us bent over a barrel, so he’s greasing up for his turn...
Putin actually rejected OPEC years ago. Didn’t want to be a part of it. Wanted Russia to call the shots over its own resources and set its own prices and quotas. The higher the prices of oil and NG, the better off Russia is financially and the worse off Europe and the west is.
If Putin is now trying to buddy up to OPEC, this is not good.
VIENNA, Austria - OPEC oil ministers have decided to curb overproduction by more than 500,000 barrels.
The move is a compromise meant to avoid new turmoil in oil markets while at the same time reflecting OPEC attempts to prevent prices from falling too far. Crude prices have dropped nearly 30 percent since spiking to nearly $150 a barrel in July.
An OPEC statement issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries agreed to cut back 530,000 barrels a day in overproduction.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
See my post above.
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