President Medvedev: Russia may join OPEC

Russia may join the Organization of Petroleum Exporting Countries (OPEC) and cut back the oil production, said Rusian President Dmitri Medvedev on Thursday, discussing the Russian „national interests”.

„We must protect our interests, our income sources, be it about oil or natural gas”, said Medvedev. „The measures may include reducing the oil production, participating in the existing oil producers organizations or the participation in a new organization. Our colleagues in the oil cartel asked us to coordinate our actions with theirs”, the head of state said.

Russia and OPEC may take steps together, in order to push up the oil price. In 2007, OPEC supplied 43% of the global oil production, while Russia owned a 12.6% market segment.