Thanks! it’s all about price setting, as previously suspected.
> On Thu, Oct 23, 2008 at 10:09 AM, Scott wrote:
> Moving on, we note that Russia and OPEC held high level talks
> yesterday in Moscow as President Dmitry Medvedev met with OPEC’s
> Secretary-General, Abdallah Salem al-Badri. This is, to the best of our
> knowledge, the first such “summit” meeting between Russia and OPEC.
> The talks, apparently, were to discuss the volatile oil market, and it
> appears that Moscow is pushing for wider and more open co-operation
> with other world energy producers. Neither the Kremlin nor OPEC
> released details of the meeting, but before the talks between he and
> Mr. Medvedev began, Mr. al-Badri dispensed with the idea that he’d
> come to Moscow to ask for an output reduction. Obviously we do not
> believe that statement, nor should anyone else. It is in OPEC’s best
> interest to get Russia, Norway, and any other large… or soon to be
> large, such as Brazil… to curtail production. Further, the ‘summit’
> followed an agreement between Russia, Qatar and Iran to consult with
> one another on the natural gas market, to possibly pursue joint
> projects and perhaps to create their own nat-gas cartel. Mischief is
> afoot. We can just sense it.