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Russia must develop ways to influence world oil prices - Putin

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Russian Prime Minister Vladimir Putin said on Monday that the country must develop a set of measures to influence world oil prices.
MOSCOW, November 10 (RIA Novosti) - Russian Prime Minister Vladimir Putin said on Monday that the country must develop a set of measures to influence world oil prices.

World oil prices have fallen more than 50% from a record high of $147 per barrel in July, as the global credit crunch has brought fuel demand down in most oil-consuming economies.

"As a major exporter and producer of crude and oil products, Russia cannot remain on the sidelines with regard to the formulation of world pricing for crude, and we must develop an entire range of measures that would allow us to actively influence the market situation," Putin said.

On Monday, Putin met with the heads of Russia's top oil companies to discuss crude export duty cuts amid the ongoing global financial crisis.

Putin met executives from state-run Rosneft, Gazprom Neft, the country's largest independent crude producer LUKoil, the Russian-British joint venture TNK-BP, and Surgutneftegaz, as well as the national pipeline monopoly Transneft.

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