Bank Of Baku

OPEC looks forward to seeing Russia as a member

OPEC looks forward to seeing Russia as a member
# 25 September 2008 12:55 (UTC +04:00)
Baku. Vugar Mustafayev - APA-Economics. The head of OPEC said the oil producing cartel would like to welcome Russia as one of its members, but denied Wednesday that Russia has made any formal request to join.
"I have received no official request from Russia to become a member of the organization, even though we would like that," the official Algerian news agency APS quoted Algerian Energy Minister Chakib Khelil as saying.
Khelil, who was speaking in Algiers, currently holds the rotating presidency for the Organization of Petroleum Exporting Countries.
Russia agreed earlier this month to sign a cooperation agreement with OPEC.
Russia is the second-largest oil and gas producer, just behind Saudi Arabia, making closer ties to OPEC — which dominates world oil production — potentially bad news for major fossil fuel consumers including the U.S. and Europe. IHT
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