Russia hints at tighter Opec ties

Russia has collaborated with Opec in reducing oil exports when prices fell in the past, but expectations of an even closer alliance have risen since the attendance of the deputy prime minister at Opec’s ministerial conference earlier this month. “There has to be a Russian factor” in determining prices “and maybe not just one”, Sergei Shmatko, the energy minister, told reporters in Russia’s remote Kamchatka region.

OPEC says to trim excess output and talk to Russia

OPEC on Wednesday deepened its links with major non-OPEC producer Russia and said it was cutting back output by around half a million barrels per day.

Is it me, or does it appear that the US is becoming increasingly isolated from the world stage?

Limelight to Shine on Saudis at Energy Forum as Oil Prices Continue to Soar

"Saudi officials acknowledge that fast growth in China and India has stimulated demand and contributed to the oil price spike. But they say the chief causes of the price increase are speculation in oil futures markets and a shortage of capacity to refine oil into gasoline in rich countries. For that reason, there is widespread anger that oil producers here are being blamed for high prices."

Other OPEC members may join Saudi oil output hike

"Saudi Arabia has said it will pump 9.7 million barrels per day in July, the fastest rate in decades. No other producer from the Organization of the Petroleum Exporting Countries (OPEC) has followed suit, and some member countries have reacted coolly to the Saudi plan."

Ahmadinejad to OPEC: Dump weak dollar

"I again repeat my previous proposal; we should have a basket of different international hard currencies as the basis or the member countries should come up and produce a new hard currency for petroleum contracts," he stressed. " They get our oil and give us a worthless piece of paper," Ahmadinejad said earlier after the close of the summit in the Saudi capital of Riyadh.

The man's got a point!