LUANDA, June 26 (RIA Novosti) - Russian President Dmitry Medvedev said after talks with his Angolan counterpart Jose Eduardo dos Santos Friday that the way oil prices are set is far from ideal, urging changes.
"The oil market should not depend on the situation in one economy," Dmitry Medvedev told journalists. "We discussed the formation of prices on the oil market and came to the conclusion that this arrangement is far from the best."
Angola, who is currently the OPEC chair, is the final stop on Medvedev's four-country trip to Africa, his first visit to the continent as Russian leader. Medvedev has visited Egypt, Nigeria and Namibia so far this week.
World oil prices, which fell to $40 per barrel during the global crisis, are near the $70 mark in June, which is half the record $140 in July 2008.
"This evidently affects the oil market, consumer interests and producer interests, and in the long run affects the global economic development," Medvedev said, adding that Russia and the Organization of the Petroleum Exporting Countries plan to coordinate oil price formation.
Angola is one of Africa's most resource-rich nations, with oil, gas, diamonds, iron ore, gold and uranium. However, it remains one of the world's poorest countries, with 70% of Angolans living on less than $1 a day.
