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Russia, Venezuela to Discuss Potential Steps to Stabilize Oil Prices

Russia, Venezuela to Discuss Potential Steps to Stabilize Oil Prices thumbnail

Russian President Vladimir Putin will discuss “possible mutual steps” to stabilize the global price for oil at a meeting with Venezuelan President Nicolás Maduro in China on Thursday, a Kremlin aide said, as both countries grapple with lower prices for their main export.

Venezuela, a Russian ally that has been hit hard by plunging oil prices, has been pushing for an emergency meeting with the Organization of the Petroleum Exporting Countries in coordination with Russia to work out a strategy to halt the recent retreat in prices, people familiar with the matter said.

The Kremlin aide, Yuri Ushakov, didn’t expand on what potential steps could be taken but said they could be “within the context of Russia’s cooperation with OPEC.”

Russia also has been hurt by lower crude prices, as oil and gas account for half of federal budget revenue. But officials have repeatedly said that Russia, which vies with Saudi Arabia for the position of top global oil producer, won’t cut output to prop up prices. Russia’s economy is in recession, but authorities have cushioned the effect of lower prices by allowing the ruble to weaken, protecting budget revenue even as the dollar price of oil has halved in the past year.

The currency weakness is also shielding Russian oil companies’ ruble profits and helped them maintain production as they receive most export income in dollars while much of their expenditure is in rubles. Russian state-controlled oil giant OAO Rosneft, the world’s largest listed crude producer, said its profit in the second quarter fell 22% compared with the same period for last year to 134 billion rubles ($2.05 billion). Other Russian oil companies such as OAO Gazprom Neft, the oil arm of state gas firm PAO Gazprom, and OAO Bashneft increased ruble profits in the second quarter as their production soared. The country’s second-largest producer, OAO Lukoil, which reports in dollars, said last week revenue was down more than half in the second quarter at $1 billion.

Rosneft said Monday that it pumped 2% more hydrocarbons in the first half of the year compared with last year. Lukoil, which has long battled production declines at its main fields in Western Siberia, said last week that its output in Russia inched upward.

The global oil glut that has pushed crude prices down further in recent weeks has led Venezuela to reach out to some members of OPEC, including Qatar’s oil minister and president of the OPEC conference, Mohammed al-Sada, to try again to find common ground to defend prices, according to the people familiar with the matter.

OPEC doesn’t meet until Dec. 4 and has rebuffed previous calls for an emergency meeting.

OPEC officials from the cartel’s power center—Persian Gulf countries such as Saudi Arabia, Kuwait and the United Arab Emirates—say privately that having an emergency meeting is pointless especially when producers outside the group, such as Russia, aren’t willing to cut.

Oil prices have plunged to six-year lows in recent months, but they turned higher Monday on reports that oil-producing nations might be willing to agree to output cuts to shrink the global glut of crude.

Russian and Venezuelan officials are among the delegates from 30 nations in China this week to celebrate the defeat of invading Japanese forces 70 years ago.


25 Comments on "Russia, Venezuela to Discuss Potential Steps to Stabilize Oil Prices"

  1. Makati1 on Mon, 31st Aug 2015 8:27 pm 

    WSJ is not the most reliable source of info, but they seem to have this article correct. Russia, Venezuela, and Iran have the largest in-the-ground oil resources in the world now, and are all Enemies of the State, as far as the Empire is concerned, because they will not submit to the Empire’s will.

    I noticed that red is still the prevailing color on the stock market and heard that two people have been hired to keep cleaning up the blood that spills on the floor. LMAO

  2. Davy on Mon, 31st Aug 2015 8:54 pm 

    It is amazing how utterly lousy the Brics are currently. Just a few months ago they were the stars everyone was swooned by there sweet song. Now they are back to being turds. I imagine Russia and Venezuela are planning something big since Putin and Maduro think big.

  3. Truth Has A Liberal Bias on Tue, 1st Sep 2015 3:27 am 

    Putin will cozy up to OPEC with weapons deals and security agreements. USA shit the bed in the Middle East and the locals are looking for a new patron. I wouldn’t be surprised if Russia joins OPEC. Russia has a lot of leverage in the Middle East aka the worlds oil patch.

  4. Davy on Tue, 1st Sep 2015 3:47 am 

    Sure thing just like they cozied up to the other Brics in a crash and burn lust for world dominion. Russia is crashing as is the rest of the global system. The mideast is the worst position of any location for survival in a post industrial world. Sounds like a great place to cozy up. Nope, Russia, will never have much of a role in the Mid East becuase there will be no role for anyone soon.

  5. Davy on Tue, 1st Sep 2015 3:55 am 

    Russian Military Forces Arrive In Syria, Set Forward Operating Base Near Damascus

    How about that anti-Americans! Russia joins in the mayhem. You can’t point the fingers solely at the DC cabal. Things should get interesting now.

  6. apneaman on Tue, 1st Sep 2015 4:30 am 

    Davy, you know all those fine American military colleges produce some very smart cookies. Some very knowledgeable and pragmatic people. Most of those people have been removed in one way or another and replaced with fanatics and yes men. Scary, but what else would you expect at this late stage? The Russians have been there the whole time. They are just rattling the saber a little. Could lead to nothing could lead to war – same as it ever was.

  7. Davy on Tue, 1st Sep 2015 4:59 am 

    Ape Man, maybe they will meet in the middle after destroying the evil ISIS and have a celebration:

  8. Makati1 on Tue, 1st Sep 2015 6:06 am 

    Only the American propaganda mill is putting down Russia and the other anti-empire countries. Seems like the Empire is being ignored anyway by most of the world. And Europe is also pulling away from the War mongering Americans because they see that they are being pushed into a war (possibly nuclear) with Russia, which they cannot win. Never did. Never will. Every European city is minutes away from Russia, using missiles or planes.

    One must keep in mind where all of the ‘bad press’ about BRICS is coming from and understand that it is to direct the attention of the sheeple away from the chaos at home. ^men/corporations control most of the western ‘news’ sources.


    Doesn’t sound like China is in much trouble, if they can spend that amount in five years to improve their power situation, does it? The US doesn’t have that much to spend on anything after it pays for it’s wars and the buying off of the sheeple to keep them from revolting.

  9. Kenz300 on Tue, 1st Sep 2015 8:30 am 

    Russia and Venezuela need to diversify their economies away from fossil fuels……..

    Putting all your eggs in one basket is a disaster waiting to happen……

    Every country needs to develop a plan to diversify their energy mix and their economies.

    Wind and solar can plan a big part in that diversification.

    Top 10 Clean Energy Trends Driving the Global Clean Energy Revolution – Renewable Energy World

  10. BobInget on Tue, 1st Sep 2015 11:45 am 

    It appears events are moving exactly as expected.
    ISIS, Everyone’s favorite enemy of the year.

    America spawned ISIS by invading Iraq, firing its entire officer corp, dismantling the only functioning political party, the Baathists, placed America between Sunnis and Shia.

    Now, we see Russia is interjecting itself directly
    against Saudi Arabia in Syria. This was inevitable
    considering Russia simply cannot permit ISIS
    to overrun Syria placing it under Saudi control.

    As I’ve repeated here many times; Putin fully
    intends to ‘Make Russia Great Again’.
    If that sounds like NeoFascist Donald Trump rhetoric, you are smarter then the average bear.

    Putin doesn’t intend to placate OPEC, Putin, along with Venezuela, Iran, Iraq,, intends to dominate OPEC.

  11. BobInget on Tue, 1st Sep 2015 12:10 pm

    This move will move oil markets directly. Russian troops will be in direct confrontation with Saudi sponsored fighters.
    Up to today, only Kurdish PKK had ‘boots on the ground’ opposing ISIS.

    Putin simply can’t afford to lose Syria (or face) to Saudi sponsored ISIS.

    Plus, we have the US trying to depose President Assad and ISIS at the same time. Russia (and Venezuela and Iran) will not permit this.
    Change in Mid East politics. “The Enemy of my Enemy is still my Enemy”.

  12. Boat on Tue, 1st Sep 2015 3:06 pm 


    Putin doesn’t intend to placate OPEC, Putin, along with Venezuela, Iran, Iraq,, intends to dominate OPEC.

    To drop oil production to get a higher price requires cooperation. Lets say they do achieve lower production and get higher prices, won’t the frackers and tars sands just ramp back? Under that scenario you think they could cut production to get the price back again? To many big egos and to much ideology to dominate IMO.

  13. Davy on Tue, 1st Sep 2015 9:11 pm 

    Putin’s Got a New Problem With China

    China’s market plunge over the last few weeks has added to the pressure, helping knock the ruble to the lowest levels in months. Growing doubts about China’s economic outlook have hit prices for oil, Moscow’s main export, pushing Russia deeper into recession.

    Economic data tell a different story. Trade between the two nations fell 29 percent in the first half of this year to $30.6 billion. Russian government officials now say that there’s virtually no chance they will hit their target of $100 billion in trade turnover this year, a goal Putin publicly embraced as recently as October.

    A 150-billion-yuan swap agreement Russia’s central bank reached with People’s Bank of China in October to facilitate direct settlement between the ruble and the yuan, avoiding use of the dollar, hasn’t found much demand because it can be used only for short-term trade financing, Peter Fradkov, first deputy chairman at Vnesheconombank, said in an interview last week.

    Credit lines amounting to 9 billion yuan signed in May between Russia’s Sberbank OJSC and VTB Group and Chinese lenders are barely used because there is practically no demand in Russia for loans in yuan, said Maxim Poletaev, first deputy CEO at Sberbank. VTB First Deputy Chairman Yuri Soloviev said in June that demand is insufficient.

  14. MrNoItAll on Tue, 1st Sep 2015 11:34 pm 

    Davy — Putin isn’t the only one with that problem, that’s for sure. I know you’re scanning the news just like me. Isn’t it amazing what is happening? So few people relatively speaking really understand what is going on, nor the base causes behind it, but here we are and we KNOW. Hey, how’s my prediction for 2015 looking? 🙂 Pass the popcorn!
    No, forget the popcorn. Prepare for impact!

  15. Makati1 on Wed, 2nd Sep 2015 12:05 am 

    In the news: “Last year Russia began unloading massive amounts of their US dollar reserves. In the month of December 2014 alone Putin sold some 20% of the country’s U.S. Treasurys, a move that further increased tensions surrounding what can only be described as economic warfare between East and West.

    Then, as if part of a coordinated effort, this summer it was revealed that China had implemented a similar strategy, dumping half a trillion in dollar denominated assets.”

    There are more effective ways to wage war today than by weapons of mass destruction. Financial and electronic is easier and more effective.

  16. antaris on Wed, 2nd Sep 2015 12:15 am 

    Yes here in Canada, why have confrontation when you can just come and buy the place!

  17. apneaman on Wed, 2nd Sep 2015 12:28 am 

    MrNoItAll, have the sheep been conditioned to see all news stories as just one more Oh dear moment?

    Adam Curtis – Oh Dearism – 7min

  18. MrNoItAll on Wed, 2nd Sep 2015 1:42 am 

    apneaman — Although my longtime profession is software development, I got my degree in Public Relations in a top-rated national PR university. I studied the methods and the techniques used by PR pros to literally, effectively influence mass opinion and perception through cleverly devised and scientifically tested mass media communications. I can guarantee you, the sheep have been conditioned in many more ways that just the one your link highlights, thought that is a biggie. The propaganda blitz is massive, ongoing, centrally coordinated, ruthless and pervasive. Via hundreds if not thousands of special interest honed communication media, the PR pros have developed and tested specific communications with spins accurately calibrated to influence the greatest number of individuals within that special interest group to perceive “reality” in the way that most benefits the overall mission objective. No lie will remain untold, no distortion excluded, no hot button left un-pushed in the effort to form the collective view of reality that TPTB believe (based on scientific research and focus group testing) will best promote their cause.

    Human beings are, in general and by large measure, highly susceptible to expertly conceived and communicated propaganda. As a PR professional, you learn what a certain highly defined group of individuals WANT to believe, and you manipulate their primordial and deeply felt desires to view “reality” in the way you want them to. Piece of cake.

    Yeah, the sheep have been thoroughly, totally and overwhelmingly conditioned to in every way conceivable, in every way that counts.

    As this version of human civilization swirls ever further down the drain on its way to the sewer of world history, the masses will NEVER, EVER understand what is happening to them. The poorest, most destitute and certainly the stupidest of them all will behave and perceive like the programmed automatons that they are.

    The only hope for humanity is that the great genetic cleansing that is coming up shortly will relieve us of both the large percentage of individuals who are susceptible to this propaganda programming AND the tiny percentage of individuals who recognize and deploy that propaganda programming.

    My bet is on the tiny percentage of individuals who recognize and deploy the propaganda, and who have the power t wield it, and the small subsection of humanity that those powers deem important to the future of humanity and continuation of human technical civilization on a much, much smaller scale in terms of human numbers.

    They’re a lot smarter than you or I can imagine.

  19. GregT on Wed, 2nd Sep 2015 2:36 am 

    Took a couple of media courses in my early 20s NWR. Turned me off of TV entirely. The manipulation became crystal clear after that. Fast forward about 30 years, and not only are the commercials blatantly obvious, the programming is as well. I find television to be an complete insult of my intelligence. Can’t stomach it at all.

  20. Truth Has A Liberal Bias on Wed, 2nd Sep 2015 2:55 am 

    first Davy states Russia will never have much of a role in the middle east then he posts a link re: russia sending troops to Syria and setting up FOBs. Davy should volunteer for a cognitive dissonance study.This pathetic excuse for a website surely attracts some of the stupidest motherfuckers in ‘merika.

  21. GregT on Wed, 2nd Sep 2015 3:11 am 

    “This pathetic excuse for a website surely attracts some of the stupidest motherfuckers.”

    It most certainly does. But I’ll bet you feel much better now that you’ve flexed your “intellect”.

  22. apneaman on Wed, 2nd Sep 2015 4:29 am 

    “They’re a lot smarter than you or I can imagine.”

    I disagree. Nothing in this world is easier than fooling apes or getting them to do things. I know all their tricks as I study the same thing they do but out of intellectual curiosity and they are freely available to anyone. There is nothing new under the sun and the tricks go back to the beginning of civilization and probably much further in many cases.

    First you had the priests for 10,000 years then it was modernized with science and technology and called propaganda, but that had to be change after the Nazi’s admitted they used the same play book (literally titled Propaganda) that the west was using, So then it was “Public Relations” then “Advertising”, then “Marketing” and a couple of other recent sub specialties like “Image Management” and “Branding”. Give me enough resources and the medium(s) and I could get a group of people marching folks into gas chambers or doing charity work. Apes are completely predictable under most circumstances and thus highly malleable and easy to manipulate. Average intelligence will do as long as it does not bother one to manipulate others or give a shit about consequences. No shortage of those folks in this species. TPTB do not have too much longer because the medium is going to crumble due to attrition and the consequences AGW and it would not surprise me if it gets a big push from the ever growing number of malcontents. We just had a little baby wind storm in Vancouver that knocked the power out for a half million homes and business and took four day to completely restore. That’s just a little fart compared to what is coming. Add on sea level rise, forest fires, drought, floods, mud slides and higher temps that none of the infrastructure was engineered for and we are only talking a few decades until that backbone of techno industrial is completely snapped. It’s already in major disrepair as it is and there is no money – just half assed short term band-aide fixes and abandonment on the fringes. Even the scrap metal scavengers are starting to fuck it up on a regular basis. It’s much harder to mass propagandize when you have to do it in person from a stump or with handing out pamphlets and there are no jobs.

  23. Davy on Wed, 2nd Sep 2015 5:11 am 

    Mak said “Then, as if part of a coordinated effort, this summer it was revealed that China had implemented a similar strategy, dumping half a trillion in dollar denominated assets.”

    Some strategy Mak “desperation”. China is unloading dollar assets because of economic turmoil in their markets and currency. If this coincides with their earlier desire that is coincidence. I thought it most telling is the failure of Putin’s strategy of a China Russia economic axis. He just doesn’t have the economic Mojo to make his dream a reality. Good idea but the devil is in the detail.

  24. Davy on Wed, 2nd Sep 2015 5:21 am 

    Not Truth, I find you an extremist. You don’t seem to be that smart. You are probably young and hormonal because every other word is a curse word. I have turned over a new leaf and I am not going to waste much time with you guys. For a long time I was obsessed with a mission against the extremist agenda of Anti-Americanism. I have friends here who are anti-American but not exclusively. That is fine because the US is the worst of the worst on most lists of ills. I am fine when others are not promoted and the US diminished. That is a classic sign of agenda with propaganda. The truth doesn’t work that way. I now have retired to focusing on systematic collapse issues. That is my passion and my love. Not Truth, I think you are from Montreal? Always nice to put a place with a POV.

  25. Makati1 on Wed, 2nd Sep 2015 8:39 am 

    MrNo, you have just backed up my observations as a sheeple for far too many years of my 70+. Looking back I can see the effects of it on my life. I can also understand why so many Americans are ‘patriotic’ flag waving sheeple, throwing their future under the bus in ignorance of what is being done to them. Even when you try to get them to look in the mirror, they refuse and accuse you of being anti-American or worse.

    It took moving out of the US and out of the reach of most of their 24/7/365 bull shit. I have not watched TV for at least 25 years. I do not buy newspapers or magazines. I do not read online ads ever. I do use the search engine to find whatever I am looking for. I do not ‘window shop’. I go to buy and then only to where I can buy what I want. No loans, car, taxes (sales/VAT only) insurance, market casino paper, real estate, or excess US dollars.

    I am as free as you can get on this planet and still be alive. Few Americans will ever experience that feeling. They all believe that they are free, but that is the result of the brainwashing since birth. I suspect that they will soon learn otherwise as the world breaks down and reality hits them in the face. When that happens there could be a 90% die-off in America in the first year considering the state of their health and their drug addictions.

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