Re: Russia/OPEC

[Skip to the end]

(email exchange)

Thanks! it’s all about price setting, as previously suspected.


>   On Thu, Oct 23, 2008 at 10:09 AM, Scott wrote:
>   Moving on, we note that Russia and OPEC held high level talks
>   yesterday in Moscow as President Dmitry Medvedev met with OPEC’s
>   Secretary-General, Abdallah Salem al-Badri. This is, to the best of our
>   knowledge, the first such “summit” meeting between Russia and OPEC.
>   The talks, apparently, were to discuss the volatile oil market, and it
>   appears that Moscow is pushing for wider and more open co-operation
>   with other world energy producers. Neither the Kremlin nor OPEC
>   released details of the meeting, but before the talks between he and
>   Mr. Medvedev began, Mr. al-Badri dispensed with the idea that he’d
>   come to Moscow to ask for an output reduction. Obviously we do not
>   believe that statement, nor should anyone else. It is in OPEC’s best
>   interest to get Russia, Norway, and any other large… or soon to be
>   large, such as Brazil… to curtail production. Further, the ‘summit’
>   followed an agreement between Russia, Qatar and Iran to consult with
>   one another on the natural gas market, to possibly pursue joint
>   projects and perhaps to create their own nat-gas cartel. Mischief is
>   afoot. We can just sense it.