Archive for the ‘Algeria’ Category

Russia pushes an ‘OPEC’ for natural-gas nations

October 30, 2008

The nations with the world’s three biggest reserves of natural gas – Russia, Iran, and Qatar – are quietly moving ahead to form a “gas OPEC,” an organization modeled after the oil cartel.

By Fred Weir
The Christian Science Monitor
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In Tehran last week, representatives of the Russian natural-gas monopoly Gazprom met with counterparts from Iran and Qatar and agreed to create “a big gas troika.” The group will meet quarterly to discuss pricing and supplies. Between them, these three countries hold an estimated 55 percent of known global gas reserves. The possibility of a cartel has long been opposed in Washington and European capitals.

The new cartel plan may be finalized Nov. 18, when Russia hosts a forum of gas-exporting countries in Moscow, including possible additions to the group such as Algeria, Indonesia, Libya, and Venezuela.

For Russia, which blames the US for causing the current global financial crisis and the attendant collapse of oil and other commodity prices, forging new energy-based international relationships holds political promise. “There is a clear desire in Moscow to work toward breaking what it perceives as US dominance of the world economy, but it’s way too soon to predict where this global crisis is leading,” says Masha Lipman, an expert with the Carnegie Center in Moscow. “If the US should really go into decline, I suppose we shall see new groups of states, and new contenders, come forward.”

As global energy prices plunge, cooperating with the Organization of Petroleum Exporting Countries (OPEC) to stabilize markets has gained fresh traction in the Kremlin while the long-discussed idea of creating a “gas OPEC” of leading producers is suddenly getting a big push from Moscow.

Read the rest:
http://news.yahoo.com/s/csm/2008
1030/wl_csm/oredopec_1

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Opec talks push oil prices higher

October 29, 2008

Global oil prices have risen on growing expectations that producers’ cartel Opec will vote to cut production.

US light crude was up $2.09 at $73.94 a barrel, with Brent up $2 at $71.62, ahead of Opec’s meeting on Friday.

Fears of a global economic slowdown have pushed oil prices down by half since July’s all-time highs.

Gulf of Mexico oil rig

Opec is meeting in Vienna on Friday

A number of Opec members, including Algeria, Iran and Venezuela, have already said they would like to see output cut to help shore up prices.

Growth risks

Opec’s meeting has been brought forward by three weeks in response to the recent fall in oil prices.

Algeria’s energy minister and Opec president Chakib Khelil said he expected the organisation to announce “substantial” output cuts.

Most oil analysts are now in agreement, with Merrill Lynch estimating that production could be cut by one million barrels per day.

Energy consultancy CGES says Opec will argue that it has to cut production to prevent a further “price collapse”.

Read the rest:
http://news.bbc.co.uk/2/hi/business/7680671.stm

Algeria plans to return 15 fighter jets to Russia: report

February 18, 2008

MOSCOW (AFP) – Algeria wants to return 15 fighter jets it bought from Russia because of their poor quality, the Kommersant daily reported on Monday, citing an official from Russia’s state United Aerospace Corporation.

The official said Russia was proposing to take back the MiG-29 jets, which were delivered to Algeria in 2006 and 2007, but only if Algeria bought more modern and expensive planes such as the MiG-29M2 or the MiG-35.

A Russian-made MiG-35. Algeria wants to return 15 fighter jets it bought from Russia because of their poor quality.
(AFP/File/Dibyangshu Sarkar)