Transparency and accounting standards will bring oil market stability - minister

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WASHINGTON, September 23 (RIA Novosti) - Making public the information about the reserves of oil producing nations and applying international accounting standards will help stabilize prices on the world oil market, the Russian finance minister said Friday.

Alexei Kudrin made this statement ahead of the G8 finance ministers' meeting held in Washington Friday on the sidelines of the autumn session of the World Bank and the International Monetary Fund.

Kudrin said the discussion of world markets, affected by high oil prices, would highlight the role Russia could play in oil market stabilization.

"Russia has already transferred to international accounting standards," the minister said. After the Russian oil and gas sector is liberalized and energy giant Gazprom is reformed, foreign companies will gain access to Russian deposits. Information about oil reserves will become available, which will substantially contribute to stability on the world oil market, the minister said.

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