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Global Deals Review: Q4 2009

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Russia considers creating oil reserve - deputy PM

Wed Oct 22, 2008 3:39am EDT

MOSCOW, Oct 22 (Reuters) - Russia is considering creating an oil reserve that would allow it to work more efficiently on oil markets, Deputy Prime Minister Igor Sechin told reporters on Wednesday.

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"The ministry of energy is considering creating an oil production reserve, which would allow it to work more efficiently with prices on the market," Sechin said when asked if Russia could join OPEC in cutting production.

When asked how big the reserve should be, he said: "Enough to reach efficient pricing parameters". (Reporting by Vladimir Soldatkin, writing by Dmitry Zhdannikov; editing by Christian Lowe)

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