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Russia and OPEC must help stabilise oil prices
Source: Press Service of the Embassy of the Russian Federation (PSERF) | Posted: Wednesday, March 23, 2005
Russia, Middle East and North African countries determine to a great extent formation of prices on fuel-carriers in the world, Yuri Shafranik, chairman of the Russian Union of Oil and Gas Producers, president of the Committee for International Cultural, Scientific and Business Co-operation with Iraq, announced at a RIA Novosti press conference.
Mr Shafranik underlined that the current level of oil prices is too high and "it hurts not only oil consumers, but also oil producers."
Mr Shafranik sees the key role of Russia and OPEC countries, especially the influential Arab countries, in establishing mutually beneficial dialogue between countries-consumers and countries-producers of oil.
He also noted that the OPEC must "shift its efforts from forming new price corridors to establishing direct dialogue between producers and buyers."
Russian insurers' combined charter capital doubles in 2004
Russian insurance companies' aggregate charter capital increased by almost double in 2004, head of the Federal Insurance Oversight Service (FSSN) Ilya Lomakin-Rumyantsev said.
The FSSN's figures indicate that insurers' aggregate charter capital ended last year at 76.3 billion rubles (47.6 billion rubles for 2003, 27.3 billion rubles for 2002, 14.8 billion rubles for 2001 and 9.6 billion rubles for 2000).
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