Posted on 10/05/2015 5:13:52 AM PDT by thackney
Russia is ready to meet with members of the Organization of Petroleum-Exporting Countries (OPEC) -- as well as non-member oil producers -- to discuss the situation facing global oil markets, according to the country's oil minister.
Alluding to a possible meeting with the 12-member oil producer group OPEC, Energy Minister Alexander Novak said Saturday "if such consultations are to happen, we are ready to take part," Reuters reported, although he did not say when and if such a meeting may take place.
In addition, he told reporters that a meeting between officials from Russia and Saudi Arabia was being planned for the end of the month to discuss energy issues and other projects.
Following the report, oil prices rose on Monday. Benchmark Brent crude was trading 70 cents higher at $48.72 a barrel Monday morning after ending up 44 cents on Friday. U.S. crude was 57 cents higher at $46.11 a barrel after settling up 80 cents.
Asked whether any meeting between Russia and OPEC could occur in the forthcoming months, the organization would not make any official comment, but the Russian and Saudi Arabian energy ministries were preparing remarks for CNBC.
The comments seem to contradict one of Novak's energy ministry colleagues, however, who said on Friday that he was not aware of any such meetings and that Russia would stick with its plans not to cooperate with OPEC.
Russia's economy has not only been hit hard with the fall in oil price. International sanctions imposed on the country for its annexation of Crimea and role in the pro-Russian uprising in Ukraine have also seen it isolated from the world stage in terms of exports.
(Excerpt) Read more at cnbc.com ...
And I will note you never really answered the questions I posed to you concerning simple economics.
Don’t waste your time bellowing with the Godfather’s son, as he does not understand very simple economics.
You need to get out more. The world consists of more than your farm and the gas pump down the road.
if you reread the Bible verse I sent to you, it would explain everything you need to know about the world you so eloquently quote.
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