OPEC's President invites Russia to cut output and join the oil cartel

Nicosia, Dec 16 (ANI): Chakib Khelil, the President of Organisation of Oil Exporting Countries (OPEC) has expressed the hope that Russia would join the oil cartel to boost its impact on the crude market.

Khelil was speaking ahead of a decisive meeting of the oil cartel in Oran, Algeria, next Wednesday.

"We have always wanted Russia to join OPEC. Russia would be of special importance to group if it joined, as it would increase OPEC's strength in terms of production share, raising it to about 50 per cent of world output, from the current level of 40 per cent," Khelil said.

It should be noted that in the past, when the price of oil fell and OPEC made production cuts, Russia had continued to pump oil freely, benefiting from the support for world oil prices provided by OPEC members, while not sharing any of the financial loss.

Russia pumps almost ten million barrels of oil a day and exports about seven million.

Russian President Dmitry Medvedev has said that Russia was ready to join forces with OPEC to stem a plunge in oil prices.

Earlier, Khelil had said that Russia would be represented at the forthcoming OPEC meeting in Oran by Deputy Prime Minister Igor Sechin and Energy Minister Sergei Shmatko, at the head of a delegation consisting of 20 members. (ANI)