Russia wants to influence global oil price – minister

PETROPAVLOVSK-KAMCHATSKY, Russia (Reuters) – Russia wants to influence global oil prices through output forecasts and mothballing deposits for future development, Energy Minister Sergei Shmatko said on Thursday.

Shmatko said Russia’s policy would not involve coordinated action with OPEC states, although he said Russia admired OPEC’s influence on prices and should do its part to smooth the oil price “roller coaster ride” of recent months.


“We think that since we have such a significant position in the high society of world oil, a Russian factor should appear. We want to formulate our approach,” Shmatko told reporters.

“We think we should be more actively engaged in the market … From the point of view of forecasts we could express our view, perhaps even actively engage in that in a practical way,” Shmatko said. “The idea of mothballing oilfields seems very interesting to me.”

Reuters