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Russia to join OPEC in cutting oil production
Posted by: McQ on Tuesday, December 16, 2008

Russia just can't help itself. After mumbling this or that about attempted conciliation with western democracies, it then does something like sending naval ships to Venezuela or Cuba, threatening Poland with annihilation if it bases US interceptor missiles on its land, invades Georgia, or, in its latest move, threatens to join OPEC.

Whether or not it does so, it may as well be a part of the cartel as it has agreed to work in conjunction with OPEC to cut world-wide production of oil in an effort to drive prices up:
The Kremlin will risk throwing away its membership of the G8 group of leading economies by acting with the cartel in reducing supplies.

Russian leaders have sent strong signals that they will agree the unprecedented move at the same time as Opec convenes an emergency meeting in Algeria on Wednesday.

Russia has been under pressure from Opec to cut as many as 300,000 of the 9.75 million barrels it produces each day to help maintain prices.

Dmitry Medvedev, the Russian president, has even hinted that his country – the world's largest oil producer and second largest exporter – could join Opec despite the potential political fall out.
It is one thing to be ostracized by other nations for actions and activities they find troubling. But it is another thing to ostracize one's self purposely by doing things that are clearly going to increase tensions with other countries. Russia is in the latter category. In the era of Czar Putin, it seems to enjoy tweaking the West and pushing the envelope diplomatically.

And given the length and depth of the diplomatic "fallout" Russia incurred with its invasion of Georgia, why not? What, about a month of angry words and a few threats never carried out by the West and then all was hunky dorey again? Russia is a typical bully. It will push and push until something or someone stops it. And trust me, watching the recent moves Russia has made, you can bank on Pooty Poot testing young Mr. Obama - soon and often.
 
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Great news! We need to explore our domestic energy so we are prepared for politically inspired reductions in production. If Congress and Obama begin making noise about reinstating the off shore drilling ban, we should light up their switch boards.
 
Written By: arch
URL: http://
And so it goes, another dictator who wants to increase his empire.

I’m sure he just wants the Sudetenland Czechoslovakia Georgia.
 
Written By: Veeshir
URL: http://
Way to go, Putain. Cut off your nose to spite your face. Prices are down meaning lower revenues to the Soyuzgazneft commisariat. So, lets lower volume and reduce income even more.

Better hope for no potato bugs this spring...
 
Written By: CR
URL: http://
Interesting how every fascist asshat feels free to give us the middle finger now - Putin, Mugabe, Chavez, Ahwhatsitjad, etc. Thanks for bogging us down in Iraq and revealing our military weakness guys! Luckily taxpayers can afford the trillion dollar cost to liberate some towelheads thanks to "Ayn" Greenspan and our enlightened capitalists.
 
Written By: TomD
URL: http://
They’re simply brown-nosing where the money is.
 
Written By: Bithead
URL: http://bitsblog.florack.us
"Interesting how every fascist asshat feels free to give us the middle finger now"

Now? My, what a short, selective memory.
 
Written By: timactual
URL: http://
I’d have to believe turn-on-inventory applies to crude production as well; e.g. sell 1,000 barrels at a profit of $20/barrel, or 5,000 barrels at a profit of $10/barrel.

Pushing the price back up over $80 (which is historically quite high) would further constrain industry and delay economic recovery further. OPEC might as well sit it out and wait for $500/barrel and sell only to the most desperate as the world economy spirals into depression. While sub-prime had its impact, extreme crude prices set to ensure an Obama election by OPEC are the real cause of the collapse. Demand destruction is the price you pay for that move and any further price movement upward not driven by a demand-pull phenomenon will just cause further industry to drop back off, perpetuating the years OPEC will be in the price cellar.

Realistically, OPEC’s aggressive move may do for the world what George Bush couldn’t do: remove the current Iranian and Venezuelan governments.
 
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