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Strategies & Market Trends : Strictly: Drilling II
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To: Frank Pembleton who started this subject2/13/2002 7:02:25 PM
From: Frank Pembleton  Read Replies (2) of 36161
 
Putin Urges U.S. to Buy Russian Oil

Combined Reports LONDON -- Oil markets rose then fell slightly Monday in a tepid response to President Vladimir Putin's stated goal of selling the country's crude at prices that aren't "excessive."

Putin told The Wall Street Journal Europe that Russia aims to sell its crude for $20 to $25 per barrel, which is lower than the goal of $22 to $28 per barrel set by OPEC when it pressured Moscow into making output cuts to boost prices late last year.

Putin also urged the United States to look on Russia as an alternative -- and more stable -- source of oil than the Middle East.

Russia offers an alternative to "traditional sources ... located in areas of conflict in the Middle East," he said.

OPEC suspended its target range for prices last autumn when it became clear that the global economic slowdown was denting demand for oil. Various OPEC oil ministers have said since then that they, too, would support prices as low as $20 a barrel.

A barrel now costs just under $20.

Meanwhile, Russian seaborne oil product exports leapt by more than 30 percent in January, raising suspicions that Moscow lifted sales to compensate for the OPEC-agreed cuts, a leading tanker tracker said.

While bad weather suppressed petroleum product exports in December, Russian refiners may also have maximized deliveries after the government pledged to cooperate with OPEC and cut crude exports in the first quarter, industry sources said.

(AP, Reuters)

themoscowtimes.com
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