Russia in no hurry to join OPEC

Russia has been invited to join the Organization of Oil Exporting Countries, OPEC, but according to Igor Sechin, Deputy PM, Moscow is not going to make any hurried decisions about joining.

Speaking at a press conference in Vienna after a meeting of OPEC ministers, Sechin said Russia, the world's second largest oil exporter, first needs to learn more about the rules of the organization.

“Russia is different from the OPEC countries as their climate is a lot warmer. At temperatures well below minus 50 Celsius we wont be able to stop oil production,” Igor Sechin explained.

But he stressed Russia is ready to take part in OPEC market stabilization efforts.

“We will continue cooperation with OPEC and support particular arrangements made to increase crude prices,” he said.

He also purposed initiatives to stabilize the market, such as a new price system for different brands of oil and a reservation system that would allow excluding extra oil from the market.

During the meeting, ministers from the OPEC countries decided against cutting oil production.