RUSSIA has no plans to join the Organisation of Petroleum Exporting Countries (Opec), an oil-producing cartel of mostly Middle Eastern countries, according the to boss of a major Russian energy company.

“Opec has lost its influence as a key market regulator, [there’s] no interest for Russia to join,” said Igor Sechin, chief executive of state-owned Rosneft.

“The Russian government, understanding the differences in the conditions of production and property rights, agrees to observer status in Opec, but cannot accede as a full-time member,” news agency Tass quoted him as saying at an FT conference in Singapore.

He said that Opec was not even meeting its own quotas for oil production.

“Opec countries are currently exceeding their own quota [30m barrels per day], according to various estimates, by 1.5m to 2.5m barrels per day,” he said.

“If the quota was met, then the global oil market would be balanced, which would positively affect crude prices.”

by City A.M.