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UPDATE 3-Russia wants closer links with OPEC

* Russia says will cut output to help OPEC

* Russian oil output declining due to under-investment

* Proposes range of technical changes to market


VIENNA, March 15 - Russia, the world's leading independent oil exporter, on Sunday proposed a list of measures to support oil prices, calling for lower output from all producers as part of the plan.

Deputy Prime Minister Igor Sechin outlined the wide range of ideas to OPEC oil ministers ahead of their production meeting in Vienna, and pledged to join in any possible output cut agreed by the group.

"We are monitoring OPEC's work and our companies will also participate in a cut," Sechin told reporters on the sidelines of a meeting of the Organization of the Petroleum Exporting Countries. "The volume of that cut will depend on the market situation."

Greater coordination among producers would cause concern among oil-consuming nations, particularly those in Europe that were affected by disruptions to Russian gas supplies earlier this year.

Russia is the largest non-OPEC crude producer in the world and is second only to OPEC's leading exporter Saudi Arabia.

After oil prices fell sharply at the end of 2001 Russia, together with other leading non-OPEC producers Norway and Mexico, pledged to cut back supplies along with OPEC. In the event, non-OPEC's contribution was unconvincing.

 

Viewed:     Published at: 2009-07-21 14:16:00      【Print】 【Close】