Russia suggests the Organization of Petroleum Exporting Countries (OPEC) to join forces targeted at the stabilization of prices at the world oil market. So, on Tuesday, September, 9, Russia’s Vice Premier Igor Sechin passed the project of OPEC-Russia memorandum to the Organization’s management within the 149th meeting held in Vienna. Russia’s Vice Premier sees definite prospects in the cooperation with OPEC on the fight against the international manipulation of oil prices, and the West is suggested to discuss the issue of energy security and assets’ exchange in the energy sector.

Within the last two months, the price of oil went by 27,3% down. Thus, one more problem joined the core troubles of Russia’s investors after the war conflict in Georgia – the severe depreciation of the key Russian treasure. If this process doesn’t stop, Russia’s stock market will continue falling.

In August, 2008 Russia’s oil extraction continued falling – the level is 0,4% less as compared to July. Though the oil refining is growing in Russia, the export falls as well, despite the August price drop both in Russia and at the external market. The drop of oil extraction is compensated partly by means of gas extraction growth provided mainly by the independent producers, while in August Gazprom continued increasing export of energy resources.

United Oil Group Ltd (UOG), the division of En+ Group owned by Oleg Deripaska, and Japan Oil, Gas and Metals National Corporation (JOGMEC) signed a joint venture agreement to implement projects in the area of hydrocarbons exploration, prospecting and extraction on the territory of Russia

Last week the Federal Antimonopoly Service (FAS) was forced to conduct control checks of the five largest oil companies aimed at information receiving about wholesale prices on diesel and jet fuel.

CDU TEK (State Enterprise “Central Dispatching Department of Fuel Energy Complex”) has investigated a situation at the oil extraction market. Eight largest oil companies took part in the research. Researchers tried to find out, how daily oil extraction in each company had changed within January-June, 2008 period as compared to the analogical period last year.

For the last eight years, 2000 through 2007, Russia has yielded additional $475 billion due to high oil prices, 72% of which has received on the budgetary system.

Tatar authorities intensify the negotiations with the leading world oil companies concerning exploitation of viscous oil (bitumen) deposits on the territory of Republic. There is no time to reflect as in three-four years the oil extraction in Tatarstan will begin to reduce rapidly. Tatarstan Prime Minister Rustam Minnikhanov was quoted as saying that the Republic considers the opportunity of attracting the American corporation Chevron to develop bituminous deposits located on its territories.

Industrial gas production from coal bed methane starts at Kuzbass in the 4Q 2009. The deputy chairman of Gazprom board Alexander Ananenkov confirmed this at the working meeting with the governor participation Aman Tuleev. At the meeting were discussed the issues of the innovative project realization, the largest in the Kemerovo region history.

Federal Tariffs Service (FTS) submitted for the government consideration the tariff rate for oil pumping through the pipeline system Eastern Siberia – Pacific Ocean (ESPO pipeline) – $38,8 per ton from Taishet to Skovorodino (end points of the first ESPO pipeline queue). Experts mark that with such tariff oil supplies to China become more profitable for oilmen, than to another countries of Asia-Pacific Region (APR), although it was planned to make them equally effective from the start.