Russian Support
Russia, the largest non-OPEC producer, cut oil output 350,000 barrels a day in November and may trim further in collaboration with OPEC as market conditions require, Deputy Prime Minister Igor Sechin said at the meeting. Azerbaijan is willing to contribute a supply cut of as much as 300,000 barrels a day, Azeri Energy Minister Natig Aliyev said in Oran.
Russia is “cutting mainly because their production is in decline anyway,” said Simon Wardell, energy research manager at Global Insight Inc. in London. “It is quite convenient for them to show some kind of support with OPEC and it is really not going to hurt them that much.”



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