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Tuesday, November 11th 2008, 11:23am

Saudi Arabia to cut output, but no such initiative from Russia.

Saudi Arabia today made good on its decision to cut oil output to stop the downslide of oil prices. It has told refiners in Asia that it would cut the December supplies by 5%. State oil firm Saudi Aramco informed at least five customers over the weekend that they would receive about five per cent less than their contracted allocations next month, the first cut-back in 14 months, industry sources said. This would mean a reduction around 175,000 barrels per day.It is also reported that most traders in Asia had anticipated the cut. Saudi Arabia's cut is in line with the OPEC's decision to reduce output to improve the oil prices. A Reuters survey of Opec production showed that the group lowered output by roughly 300,000 bpd in September and by another 100,000 bpd in October.

Russia in contrast had decided to follow an independent strategy regarding oil production and export. Russia is the second largest oil exporter in the world. In response to Venezuelan President Hugo Chavez's request to Russia to co-operate with the OPEC countries to curtail the falling oil prices, the Russian finance minister Alexei Kudrin said
"The government isn't planning any restrictions of oil production in the near future. We don't want to impose administrative barriers for restricting production. Oil businesses should estimate their own risks".Russia's biggest oil-producing companies have private shareholders and its oil and gas pipelines are controlled by the state.

With the 2 major oil exporters implementing such conflicting measures, it is left to see if oil prices remain steady and attain the minimum price requirement of the oil exporting countries.


Friday, November 28th 2008, 2:49am

Maybe Russia is busy forming the Gas OPEC ?

Maybe Russia is busy forming the gas OPEC.
Being the Global no.1 gas exporter, it has a big say in gas matters.

An OPEC-like gas organisation can be a big problem for consumers. There are 16 gas exporting nations talking soon.
We will know by the year-end.

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