Russia as a member of the Organization of Petroleum Exporting Countries (OPEC): how does that idea sound to you? What with the low oil price prevailing nowadays (lately just below $45 for a barrel of Brent crude), that seems just the ticket to Shakib Khelil, Algerian Minister for Energy and acting OPEC President, who recently declared that “Russia will provide a particular importance to OPEC if she re-joins it, that will augment OPEC’s power to control production, which would be around 50% instead of [the present] 40% of global production.” This was according to an article in the French daily Le Monde: Russia invited to rejoin OPEC. (more…)
From the leading Dutch business newspaper Het Financiële Dagblad comes a report about an encouragement pronouncement from current OPEC chairman Chakib Khelil (OPEC Chairman Khelil Sees Oil Price Sharply Falling).
According to Khelil, the price-per-barrel of over $140 that we recently saw for oil was “abnormal.” (more…)