Oil companies ExxonMobil and BP defy the United States by collaborating with Russia in the energy sector. ExxonMobil and BP have separately signed agreements with Rosneft, Russia's state-owned oil company.
Russia hopes to mimic the success of shale oil in the US with the development of its own hard-to-reach oil reserves. Russia holds the largest deposits of technically recoverable shale oil at around 75 billion barrels of oil.
A surge of goodwill from Russia to Japan raises the possibility that a territorial dispute between the two countries left over from World War II could finally be resolved.
BP CEO Tony Hayward is not resigning, according to a company spokeswoman, who denied a Russian news agency report on Monday.
The petroleum cartel said it will slash production by 2.2 million barrels per day in hopes prices will climb back toward $75 per barrel.
The world's biggest suppliers will meet in Moscow on Nov. 18 to finalize plans for a cartel to control gas prices.
President Dmitry Medvedev said Saturday that Russia is 'a nation to be reckoned with.'
JP Morgan Chase & Co. downgrades Russian stocks as government looks set to nationalize private steel and oil companies.