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(email exchange)

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.


One Response

  1. “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.”

    Why? I thought idle hands were the devil’s work? We gotta keep pumping so all 7 billion humans get busier and busier right? If they stop pumping then global growth slows and your buddy Mr. Masters airplanes don’t fly as much right? What do they know that you don’t about how slowing global growth is good for all us borg?

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