Russia's Putin For Fair Oil Prices
Russian president Vladimir Putin told during a Kremlin meeting with Venezuelan president Hugo Chavez currently presiding in the OPEC that Russia supported the idea of fixing a fair oil price range by the OPEC, RIA Novosti news agency reported. This position was already stated by Russian representatives at an OPEC session in Vienna last September, Putin reminded.
OPEC's oil price target range is now $22-$28 per barrel for a basket of seven crude types. The 11-member producer group is struggling to boost prices back into its price band as oil prices fell to $18.54 three weeks ago.
Discussing bilateral cooperation between Russia and Venezuela Putin stated that their dialogue was taking on a vigorous character. According to the Russian President, this fact has positive effect in boosting efforts to stabilize raw material market supply and production.
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