USD 80.5268

-0.16

EUR 93.3684

-1.09

Brent 66.42

-0.27

Natural gas 2.801

-0.01

159

Russia Will Offer A New Oil Pricing Method

Russia is going to propose a new method of oil pricing at an international conference in Moscow later this year, where major oil producers are planeed to be invited

Russia Will Offer A New Oil Pricing Method

The news was announced by Deputy Prime Minister, Igor Sechin.

Sechin said that the coefficients at which West Texas Intermediate (WTI) and Brent crude are traded are far from fairness, particularly with global reserves of oil and oil products growing.

“We propose to start moving to a new system of pricing. In this situation, given the large supply of oil and oil product commodity reserves – the problem of back-up reserves has particular significance.

In addition, we suggest organising an international conference of the biggest oil producers and will invite OPEC and other producer countries to Moscow and the end of the year," Russia Today quotes Sechin as saying.

Author: Ksenia Kochneva


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