MOSCOW, Oct 29: Leading Russian oil firm Lukoil on Wednesday called for closer integration with Opec a week after President Dmitry Medvedev said cooperation with the oil cartel was a priority, news agencies reported.

“The future of the Russian oil sector, the stability of oil prices depend on closer integration between Russia and Opec. Maybe even membership of Opec,” said Leonid Fedun, vice president of Lukoil, quoted by Interfax news agency.

Russia is currently the largest oil producer outside of Opec, which produces 40 per cent of world oil.

Fedun said the heads of several Russian oil groups -- including Vagit Alekperov of Lukoil, the country’s second largest producer -- would attend the next scheduled Opec meeting on Dec 17 in Algeria.

“If a further production decrease is announced and Russia joins in, prices could rise to $80 or more” from their current levels just above $60, Fedun said.

Opec last week slashed output by 1.5 million barrels a day following a fall in oil prices of more than 50 per cent since July’s record highs above $147 on growing concern that demand will be hit by slowing global growth.

Medvedev last week described cooperation with Opec as “a key priority” for Russia during a meeting in Moscow with Opec secretary general Abdullah Salem El-Badri.—AFP