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To: SirRealist who wrote (33469)	11/25/2001 9:05:01 PM
From: X Y Zebra	Read Replies (2) \| Respond to of 208838

This could be bullish for equities... Never a dull moment... November 24, 2001 Russia Delays Any Decision on Oil Cuts By SABRINA TAVERNISE MOSCOW, Nov. 23 — Russia surprised world oil markets today by rebuffing OPEC's demands to cut oil output for 2002, postponing a decision until next month. In the meantime, Russian oil executives offered to trim 50,000 barrels off their daily exports, up from a previous pledge of 30,000 barrels, but far below the 500,000- barrel reduction that OPEC is demanding of outside producers. Meeting in Moscow with government officials, the executives said they would announce their final decision on 2002 exports in the second week in December. It was upsetting news for the commodities markets, which had come to expect a big cut by Russia, the largest producer outside OPEC. The price of Brent crude dipped as low as $18.60, or 6.5 percent, in London trading before settling at $19.28. There was no trading in New York after the Thanksgiving holiday. Until Russia's decision is announced, prices are likely to be volatile, since OPEC has conditioned further cuts in its production to similar steps by those outside the cartel. Expectations of a Russian reduction had grown since Norway, the second-largest exporter outside of OPEC, announced on Thursday that it would cut its crude output by 100,000 to 200,000 barrels a day. At the time, Russian companies and government officials signaled they would go along, a move that sent oil prices more than 6 percent higher. More... nytimes.com ___________ Sorry to hear about the prison riot in Afghanistan