By RIA Novosti,
Moscow : The Organization of Petroleum Exporting Countries (OPEC) could consider Russia’s membership to the cartel at a meeting on Wednesday where production cuts are expected to be announced amid falling oil prices.
OPEC President Chakib Khelil proposed inviting Russia, Norway and Mexico to join the oil cartel earlier this month. He said these oil producing countries should show solidarity with OPEC either by joining it or by cutting crude output to prevent global oil prices from falling.
The Russian delegation will be led by Deputy Prime Minister Igor Sechin, who is in charge of the fuel and energy sector at the Russian government. Russian Energy Minister Sergei Shmatko will also attend.
Russian President Dmitry Medvedev said earlier Russia could cut crude production by 200,000-300,000 barrels per day to regulate oil prices.
Moussa Maarafi, a member of the Supreme Petroleum Council, Kuwait’s highest oil decision-making body led by the country’s premier, urged OPEC member countries to slash daily oil production by 1.5 million-2 million barrels and to coordinate its actions with Russia.
Russia, which accounts for over 10% of global oil output, has so far acted as an observer at the 12-member organization.
Oil prices have plunged to just around $44 per barrel from their mid-July highs of $147 per barrel.