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Milton Financials: OPEC looks to Russia to help control oil price.
OPEC members believe Russia may hold the strength to support oil output quotas.
The comment comes after a number of OPEC nations voiced concerns that the impact of their oil production quotas, aimed at supporting and stabilizing the oil price, was being eroded by non-OPEC producers who are not obliged to control their output.
“We expect major oil producers, such as Russia, to cooperate with OPEC members in the management of the oil market to restore market stability,” Milton Financials believes Mohammad Ali Khatibi told reporters, adding that while oil prices this year had remained relatively stable, in the $70 to $80 range, he felt that “they are not good.”
Iran, which is to take over presidency of the organisation in 2011, is the world’s fifth largest oil producer.
Khatibi went on to say that Russia had achieved its ranking as the globes biggest oil producer at the expense of Saudi Arabia. “Russia has turned into the greatest oil producer in the world, when Saudi Arabia’s oil production has dropped in compliance with OPEC quotas.”
Milton Financials believes he also pointed out that his nation’s stance towards its neighbour and traditional rival Iraq was that it should return to the OPEC quota system as soon as possible. Iraq has been exempt from quotas as its oil industry struggles to recover from several years of war.
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