Russia's Cutting Of Oil Output By 30,000 Barrels/day Is A Token Of Solidarity With OPEC, Russian Analysts Say

The cutting of Russia's production of oil by 30,000 barrels a day is a token of solidarity with the Organisation of Petroleum Exporting Countries, Russian analysts believe. The oil market is now in need of any, even information, backing, the RIA Novosti correspondent quotes the investment company Russian Investors as saying. According to the company's analysts, 30,000 barrels a day is not much but Russia cannot allow a larger amount because the export of oil is a major source for its paying of foreign debts. In addition, in the last two years Russian oil companies have invested a lot in the development of oil production and their moneys now have to be repaid, believes Dmitri Druzhinin of the Prospekt oil company. In his opinion, the curtailment of the production of oil by 30,000 barrels a day, which constitutes 0.5 percent of the output of large Russian companies, cannot heavily tell on the oil market. At a regular OPEC session on November 14 it is planned to announce another curtailment of oil production by 1.5 barrels a day, reports the Prospekt company.