Financial Briefs

Breaking financial news from Wall Street to Main Street

Russia seeks to influence global oil price

Posted by financialbriefs on September 25, 2008

 Russia wants to influence global oil prices through output forecasts and mothballing deposits for future development, Energy Minister Sergei Shmatko said on Thursday.

Mr. Shmatko said Russia’s policy would not involve co-ordinated 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,” Mr. Shmatko told reporters.

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