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Russia playing stabilizing role on global oil market - report

August 07, 2013, 1:14 UTC+3

Russia is equally respectful to the interests of both consumers of hydrocarbons and of the suppliers

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MOSCOW, August 7 (Itar-Tass) - Advocating its own national interests and speaking in favor of fair and just prices for hydrocarbons, Russia is playing a stabilizing role on the global oil market, according to the reports entitled “The Well of Stability: The Russian Factor on the Oil Market” that was prepared by the Political Analysis Centre. This report will be presented at the Itar-Tass press centre on Wednesday.

“Russia is equally respectful to the interests of both consumers of hydrocarbons and of the suppliers,” the report says. “Insisting on fair hydrocarbon prices and on trying to avoiding subjective factors (wars, speculations, etc.), the Russian leaders deems it necessary to proceed from the interests of the country and its population.”

Having analyzed the situation on the oil market, the macroeconomic situation and the policy of the Russian authorities, the authors of the report arrive at the conclusion that “Russia’s leaders are using their public political resources and their foreign economic policy to persistently and successfully lobby high prices on fuels.” It makes it possible to “for a socially-oriented budget and have a financial cushion in case of a crisis.” Russia seeks to “use peaceful legitimate ways to influence oil pricing that are based on cooperation on the international market,” like it was in the case of the so-called gas OPEC.”

According to the political analysts from the Centre, a key task is “to prevent the country’s oil and gas proceeds from accumulating on the accounts of big foreign companies or in pockets of oligarchs but, instead to use these funds to replenish the national budget and sponsor the development of the country.”

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