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Russia’s helping hand for Fannie, Freddie
The head of Russia’s oil pipeline monopoly Transneft, which carries over 10 percent of the world’s oil supply to market, takes a charitable view of Russia’s oil output growth. At a time when oil prices are on the slide, and the OPEC group of oil producing nations is cutting production, he thinks energy-rich Russia must keep pumping more to help the world’s less fortunate consuming nations and their economies.
“What about our beloved Fannie Mae and Freddie Mac? We can’t do it (let production stagnate). We have to support them,” he joked.
But he added, on a more serious note:
“In the United States they keep reserves for the future and fields which are ready to produce are being mothballed and are awaiting their time. I believe the state of our finances and budget allow us to think about such a rational approach.”