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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: WRAPUP 1-Russia to cut oil exports, tycoon seeks OPEC entry Reuters - Thursday, October 30 * LUKOIL VP says Russia should join OPEC and oil output cuts * Russian firms rush to cut November exports due high duties * Finance Ministry says 2009 budget safe if oil at $60 * Oil companies trim capital spending, production outlook By Dmitry Zhdannikov and Vladimir Soldatkin MOSCOW, Oct 29 - A Russian oil billionaire urged Moscow to join OPEC's output cuts just as the country's big oil companies reduced their November export plan by 10 percent, blaming the government for keeping export duty extra high. Leonid Fedun, vice-president and shareholder in Russia's No. 2 oil firm and largest private producer, LUKOIL <LKOH.MM>, told an investment conference on Wednesday Russia should join OPEC and could cut output and exports by 300,000-400,000 barrels per day. " will be only good for Russia," he said. "We are seeing that Russia and OPEC are beginning to cooperate. I believe the future of the Russian industry and price stability hinges on close cooperation with OPEC, to the extent of Russia joining OPEC," Fedun said. Fedun's comments were a surprise after Russian officials and even Fedun's boss, LUKOIL Chief Executive Vagit Alekperov, said earlier this month that Russia should keep policies independent from the Organization of the Petroleum Exporting Countries. Russia's growing ties with OPEC have unnerved global consumers already worried by talks between Russia, Iran and Qatar to create an OPEC-style gas group. Fedun spoke one week after OPEC Secretary General Abdullah al-Badri met Russian President Dmitry Medvedev in the first ever talks between OPEC and the head of the Russian state. Badri said he would not ask Russia to cut production and senior Russian energy officials said the country could become a swing producer in the long-term. Unlike Middle Eastern producers, Russia cannot shut down oil wells in Siberia because any production halt requires an expensive repair operation. But the Russian officials revived a decade-old idea of setting up an oil reserve. This would allow Russia to accumulate oil during periods of low prices and export more when prices are high. Valery Nesterov, an oil analyst at Troika Dialog brokerage, said he doubted Fedun's words meant Russia's government was seriously considering joining OPEC. "Russia and OPEC will have to cooperate in the current environment but it does not require massive efforts on behalf of Russia, because production is falling anyway," he said. Russian oil production is heading for its first annual decline in a decade, as it is down around 1 percent since the beginning of this year. Fedun said production could fall by 1.0-1.5 percent next year, which would facilitate Russia's help to OPEC. He added that executives from private Russian oil companies could attend OPEC's next December meeting in Algeria. Fedun said Russia could afford to cut production and exports by 300,000 to 400,000 barrels per day , or around 3 or 4 percent of its current production. COMPANIES RUSH TO CUT EXPORTS While future production cuts are only at the discussion phase, Russian firms rushed on Wednesday to cut the previously agreed November export volumes by a tenth after the government decided against lowering oil export duties. Trading sources said Russia's five biggest oil firms, Rosneft <ROSN.MM>, LUKOIL <LKOH.MM>, TNK-BP <TNBPI.RTS>, Surgut <SNGS.MM> and Gazprom Neft <SIBN.MM>, would reduce exports by at least 1 million tonnes from the earlier plan of 11.5 million. To read a separate story, click on [ID:nLT520927] " Transneft's system is full and you can't store a lot. We might be forced to cut production at some point," one trader said. Oil firms have repeatedly called on the government to cut the current export duty of $372.2 per tonne as it was based on crude price monitoring for early September and the price of oil has dived since then. But the government said it would not change the duties before December as it needs to protect its budget interests. Russia needs high oil prices as badly as some of the OPEC nations as its budget is balanced at $75 per barrel this year and at $95 next year. Deputy Finance Minister Dmitry Pankin said on Wednesday the 2009 budget was safe if oil price average $60 a barrel, but for the following year budget revisions or the use of reserve funds may be necessary. For a story click on [ID:nLT622862] Oil producers said they cannot afford waiting that long. Oil firm Gazprom Neft <SIBN.MM>, Russia's No. 5 oil company, said it would be forced to cut capital expenditure by 20 percent to 25 percent next year. For a story click on [ID:nLT277678] Fedun went as far as saying he had recommendations for the state should it decide to cut production together with OPEC. He suggested changing the subsoil law to allow production cuts and freeing units that proceed with cuts from property tax. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike WRAPUP 1-Russia to cut oil exports, tycoon seeks OPEC entryReuters - Thursday, October 30 LUKOIL says Russia could join OPEC, trim outputReuters - Thursday, October 30 Rosneft says 2008 best year; 2009 oil price $50-60Reuters - Thursday, October 30 COLUMN-Crisis remakes the commodity business: John KempReuters - Thursday, October 30 Related Articles: Business Dollar loses ground and pumps up oil pricesAP - 1 hour 38 minutes ago T-bill demand rises, interbank lending rates slipAP - Thursday, October 30 World stocks mostly higher as Fed cuts rateAP - Thursday, October 30 Qwest 3Q profit down; will cut 1,200 jobsAP - Thursday, October 30 Wyeth latest drugmaker to narrow focus of researchAP - Thursday, October 30 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Obama set for prime-time appeal to voters Desperate pleas end in despair as starlet's nephew found dead Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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