Chavez Wants Producers to Cooperate to Keep Oil Prices Above $60 a Barrel

(Bloomberg) -- Venezuelan President Hugo Chavez told
Russian legislators he wanted oil producers to cooperate to keep
oil prices above $60 a barrel.

``Sixty dollars as a floor,'' he said earlier today to the
Duma in Moscow. ``For a ceiling, as high as it can go.'' The
remarks were shown on Venezuelan state television. He said that
Russia, the world's second-largest oil exporter, cooperated on
supporting the price of oil. Russia isn't a member of OPEC.


Read more at Bloomberg Energy News

Putin Visits Balkans to Bolster Russia's Energy Role in Southeast Europe

(Bloomberg) -- Russian President Vladimir Putin
meets with leaders of the 10 Balkan countries in Croatia today to
bolster Russia's presence in southeast Europe as the region
becomes a hub for energy transport.

Putin will use the summit to help Russian energy companies,
such as OAO Gazprom, set up new partnerships, buy assets and win
contracts in the region, the Russian presidency said in a
statement. Gazprom, Russia's gas-export monopoly, and Eni SpA,
announced yesterday a plan to build a new gas pipeline linking
Russia to the European Union across the Black Sea and through the
Balkans.


Read more at Bloomberg Energy News

Russian Stocks Decline for Third Day, Led by Gazprom, Sberbank Shares

(Bloomberg) -- Russian stocks fell for a third day
as rising bond yields weighed on the market. OAO Gazprom and OAO
Sberbank paced the retreat.

The ruble-denominated Micex Index dropped 0.9 percent to
1573.00 at 2:40 p.m. in Moscow. The dollar-denominated RTS Index
lost 1.1 percent to 1783.45.


Read more at Bloomberg Stocks News

Russian Stocks Decline, Led by Oil Producers After Citigroup Downgrade

(Bloomberg) -- Russian oil stocks retreated, paced
by OAO Lukoil after Citigroup Inc. cut its recommendation and
price estimate on the shares. The brokerage also lowered its
share-price projections for five other Russian oil producers.

The ruble-denominated Micex Index lost 1.1 percent to
1602.9 at 1:12 p.m. in Moscow, as 25 stocks dropped and four
advanced. The dollar-denominated RTS Index slipped 0.3 percent
to 1824.10.


Read more at Bloomberg Emerging Markets News

Russian Oil Stock Price Estimates Cut at Citigroup on Higher Tax and Costs

(Bloomberg) -- Russian oil stocks including OAO
Lukoil are worth less than previously estimated because of high
taxes, rising costs and the possibility the companies will
struggle to pump oil from newer fields, Citigroup Inc. said.

The world's biggest financial-services company cut its price
estimates for six Russian oil companies, including Lukoil, the
country's second-largest oil producer, even as it raised its
projection for crude oil prices, according to a report by
analysts James Neale and Alexander Korneev.


Read more at Bloomberg Stocks News

Russian Stocks Gain, Paced by Norilsk Nickel: World's Biggest Mover

(Bloomberg) -- Russian stocks climbed for the first
time in four days after brokerages recommended buying local
shares, saying the recent slump may be ending. OAO GMK Norilsk
Nickel paced the gains.

The ruble-denominated Micex Index added 2.2 percent to
1549.99 at 4:06 p.m. in Moscow, as 29 of its 30 members
advanced. The dollar-denominated RTS Index increased 2 percent
to 1759.72.


Read more at Bloomberg Stocks News

Russian Indexes Drop Amid Political Concern, IPOs: World's Biggest Mover

(Bloomberg) -- Russian stocks fell after the country
said it won't extradite a murder suspect to Britain, raising
concern that increasing political tensions will discourage
foreign investment.

OAO Gazprom and OAO Unified Energy System led today's
decline. Russia's equity market has also been hurt as initial
public offerings drained investors' cash, according to traders.


Read more at Bloomberg Stocks News