Russia and OPEC to Work Together on Oil Price Formation

During a visit to Angola the Russian President Dimitry Medvedev and his Angolan counterpart Jose Dos Santos discussed questions of price formation on the oil market.
Angola currently holds the OPEC presidency.

“We discussed the question of price formation how the oil market occurs and came to the conclusion that it was far from optimal”, said Dmitriy Medvedev. The prices were formed in a “complex, opaque which can entail serious changes, sometimes dramatic changes in the prices of oil.”

“So coordination on questions of the oil market, including of price formation between OPEC on one side, and the Russian Federation on the other, is in my view, very important and immediate,” noted the Russian President.

However, the talks are still in the beginning and details were not agreed upon during this visits other than discussions would continue.

[Source: Kommersant, Russia]

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