Russia may create oil reserve to influence prices - Reuters

[Eugene]

Source: Reuters

Russia may create oil reserve to influence prices
Wed Oct 22, 2008 5:11am EDT

By Amie Ferris-Rotman and Vladimir Soldatkin

MOSCOW (Reuters) - Russia may create an oil reserve
to influence global prices, the country's top energy
official said on Wednesday, as OPEC's Secretary General
prepared for his first ever meeting with a Russian
president.

The resurrection of a decade-old idea of inventories
comes as another sign of Russia's growing ties with OPEC,
which has unnerved global consumers already worried by
talks between Russia, Iran and Qatar to create an OPEC-
style gas cartel.

"The Ministry of Energy is considering creating an oil
production reserve, which would allow it to work more
efficiently with prices on the market," said Russian
Deputy Prime Minister Igor Sechin, who oversees the
energy sector.

Asked how big the reserve should be, Sechin told
reporters: "Enough to reach efficient pricing
parameters."

-snip-

Read more: http://www.reuters.com/article/topNews/idUSTRE49L20S20081022

[thunder rising]

1. Enron forged the pattern...it's not what's fair, it's what the market will bear.