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14

TNK-BP Disapproves Russia's Joining OPEC

TNK-BP considers it unreasonable for Russia to join OPEC, the Russian-British oil company's Vice President Jonathan Kollek told a press conference in Moscow yesterday, RBC reports

He pointed out that Russia and OPEC needed to exchange information and coordinate their activities, but added, that economically and financially it would be quite unfeasible for Russia to join the organization. He underlined that accession to OPEC would require a complete makeover of the Russian oil industry.

Furthermore, Kollek views the OPEC strategy of cutting oil production to impact the global price for oil as an ineffective instrument.

Earlier, Russian Energy Minister Sergei Shmatko stressed the necessity of close cooperation between Russia and OPEC, while LUKoil's Vice President Leonid Fedun even went so far as saying that Russia could actually join the organization.

Author: Ksenia Kochneva