RIA Novosti reported that Russia will not join the Organization of Petroleum Exporting Countries any time soon.

Mr Vagit Alekperov LUKoil head said on the sidelines of the International Economic Forum in Russia’s second city St. Petersburg that “Russia will not be a member in the near future.”

Mr Alekperov said “Prices are growing thanks to OPEC efforts, we are happy.”

OPEC has announced three rounds of production cuts since September. Oil plunged from a record USD 115 per barrel last July to below USD 40. Prices have strengthened this year, rising to above USD 68 a barrel on Thursday to fuel expectations that crude will continue its rally.

Russia has been invited to join the group, which accounts for 40% of the world’s output, but Moscow says it first wants to have a permanent envoy to the organization and to sign a cooperation memorandum with OPEC. In January, however, President Mr Dmitry Medvedev refused to rule out that Russia could join the organization.

(Sourced from RIA Novosti)