Russia To Cut Its Oil Output

The Russian oil companies will reduce their output of oil in the fourth quarter of 2001 and at the beginning of 2002 by 30,000 barrels per 24 hours. Head of the government information department Andrei Korotkov said this to journalists on Monday, speaking about the results of the Government House conference of Prime-Minister Mikhail Kasyanov with the heads of six leading Russian oil companies. According to Kasyanov, as a result of the discussion of the situation obtaining on the oil market this decision was recognised to be expedient "as a temporary measure". Heads of Lukoil - Vaguit Alekperov, of Surgutneftegaz - Vladimir Bogdanov, of Sibneft - Yevgeny Shvidler, of Rosneft - Sergei Bogdanchikov, of YUKOS - Mikhail Khodorkovsky, and deputy head of TNK Vyacheslav Timchenko, as well as Vice-Premier Viktor Khristenko and Minister of Power Igor Yusufov were present at the meeting with Mikhail Kasyanov.

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