Russia can do little to shore up slumping global prices even if OPEC wants it to. Russian wells will freeze if they stop pumping oil, and the country has no capacity to store the output it would otherwise export.
Before next week’s meeting of OPEC, Russia has already spoken to group member Venezuela about the need to “coordinate actions in defense” of oil prices and it plans to send a high-ranking delegation to press the message.
But despite needing oil prices of $100 a barrel to balance its budget, Russia has changed little since 2008 when the Organization of the Petroleum Exporting …read more
Source: Voice of America
