Russia PM To Meet Representatives Of Oil Companies Today

Prime Minister Mikhail Kasyanov is to meet oil executives on further cuts to output or exports on Tuesday, an industry source said on Monday. Russia is under pressure to help oil cartel OPEC support world crude prices by offering to increase output and export cuts, although it has given conflicting signals whether it will do this or not. Russia has offered only a tiny 50,000 barrels per day (bpd) reduction in output for the fourth quarter, but said last week it might decide on deeper output cuts from January 2002 after talks with oil firms. Russia, the world's second largest oil exporter, faces a fight with OPEC, which has told non-OPEC producers Russia, Mexico, Norway and Oman that they must slice a combined 500,000 bpd to trigger a 1.5 million bpd reduction by OPEC from January 1, the Russia journal reported.