MOSCOW, Jan 10: Russian oil production has returned to levels not seen for a decade and crude exports last year beat all records, but Moscow’s ability to contribute to a lowering of world prices remains limited, experts said ahead of a key meeting of Opec.
Some Opec members including the world’s biggest exporter Saudi Arabia, are willing to boost production in order to stabilize oil prices that have remained above the $28 per barrel level for several weeks as a result of uncertainty over Iraq and Venezuela.
The oil cartel is holding a special meeting in Vienna on Sunday to discuss the situation and Russia, though not a member, has promised to do what it can to help.
“We are prepared to cooperate in any way possible,” Energy Minister Igor Yusufov said during a visit to the Gulf where he held talks with Saudi, Kuwaiti and Iranian officials.
Following a rise in production for the fourth successive year, Russian crude output hit 379.6 million tons (7.59 million barrels a day) in 2002, confirming the country’s standing as the world’s second-ranked producer after Saudi Arabia.—AFP
