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Gold/Mining/Energy : LUKOY The largest oil company in the world LukOil unknown -- Ignore unavailable to you. Want to Upgrade?

To: CIMA who wrote (895)	11/23/2001 4:58:46 PM
From: Fred Levine	Read Replies (1) \| Respond to of 914

22:17 [Friday 23rd November, 2001] LUKOIL against output raise if mkt unstable MOSCOW - Russian oil companies should freeze plans to raise output by 15 million tonnes (300,000 barrels per day) in 2002 if oil markets remain unstable, number one domestic oil firm LUKOIL said on Friday. "If the market is not stable we need to cut production," LUKOIL Vice President Leonid Fedun told a news conference. He said Russian companies had planned to increase production by 15 million tonnes or 300,000 barrels in 2002. "That means we are not increasing our market share despite the fact that we have a full moral and physical right to do so," he said. Russia is under pressure from OPEC to cut output to support prices, weakening as the global economy slows down. But it earlier said it had decided to cut output and production by 50,000 bpd in the fourth quarter of this year and left a further decision for any reductions in 2002 to a meeting of oil companies and the government in early December. Fedun said the 50,000 barrels a day fourth quarter cut announced on Friday would initially be a cut in exports because it was impossible to halt production immediately. "Insofar as exports affect the oil price, for now the decision was taken to cut exports, in the near future we'll look at cutting production," he said, adding that it takes two to three months to turn off the taps. "Technically it is difficult to do," he said. Fedun said a fair price for Brent was $22-$25, which could be achieved if OPEC and non-OPEC states cut output by two million bpd. He said each oil company would cut production proportional to its output in the third quarter. /Reuters/ 20:32 fred