Russian Oil Alliances: State of Play in Early 2009   Leave a comment

opec_question1In January 2009, a Russian national oil consortium created to run oil projects in Venezuela will also cooperate with Cuba’s state-run oil company Cubapetroleo, according to a memorandum signed between the two companies.

The deal was signed in the presence of Russian Deputy Prime Minister Igor Sechin and Vice President of the Cuban Council of Ministers Ricardo Cabrisas.

The oil and gas consortium of Russian companies working Venezuela, which includes Gazprom, Rosneft, TNK-BP, Surgutneftegaz and LUKoil, was formed in October 2008.

The Russian consortium is operated by Gazprom, while control of the Russian-Venezuelan oil and gas alliance is exercised by Venezuela’s state-controlled Petroleos de Venezuela S.A. (PDVSA).

Plans call for the export of oil  to the United States, China and Europe.

In late 2008, Shakib Khelil, the president of the Organization of Petroleum Exporting Countries (OPEC), that Russia would join the organization, increasing its ability to impact the crude market.

For some time, petroleum analysts have asserted OPEC’s abiility to check a sharp recent fall in crude prices depends largely on cooperation from non-OPEC producers such as Russia, Norway and Mexico.

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