On September 8, 2009
Russia Exploits OPEC Cuts, Tops Saudi Arabia in Oil Exports
Russia’s continued exploitation of OPEC’s oil production cuts gives credo to the old Heinz slogan “the best things come to those who wait.” Not too long ago, rhetoric from Russia gave the impression it was aligned with the Organization of Petroleum Exporter’s Council in a mission to control oil prices. Russia, the largest non-OPEC producing country in the world, had volunteered to cut production in the weeks leading up to December’s special OPEC meeting — a move it had previously resisted. Russia’s Deputy Minister Igor Sechin made a commitment to cut oil deliveries in the days before OPEC’s March meeting, saying “We support the reduction of deliveries to the market, and Russia will participate in this work.” And all of this, of course,…
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