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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: FaultLine who wrote (41738)	9/3/2002 1:08:16 PM
From: stockman_scott	Respond to of 281500

Russia tops Saudi Arabia in oil output By Eduard Gismatullin Financial Post Tuesday September 3, 2002 Investment pays off MOSCOW - Russia may have passed Saudi Arabia to become the world's top oil producer last month as Russian oil companies invest to increase output. Russia boosted crude output to 7.76 million barrels a day in August, 9.1% higher than a year earlier, Prime-Tass reported, citing an unidentified official close to the Energy Ministry. Saudi Arabia produced 7.7 million barrels, according to an estimate from PetroLogistics Ltd., an industry consultant. The Soviet Union was the world's top oil producer before the collapse of Communism slashed investment in the industry. The Organization of Petroleum Exporting Countries has sought Moscow's co-operation in curtailing output, and increased production in Russia may persuade OPEC to relax quotas when it meets Sept. 19 in Osaka, analysts said. "The strong rise in Russian oil production helps to explain OPEC's determination to try to co-ordinate policy with Moscow," said Steve Turner, an oil analyst at Commerzbank Securities in London. Saudi Arabia, OPEC's top producer, is leading the call for the cartel to increase supply, analysts said. The group may raise supply by as much as 750,000 barrels next month to halt this year's rise in prices, an OPEC official said on Thursday. Russia and four other producers joined OPEC in limiting supplies during the first half of the year to bolster prices. Moscow ended those curbs in July as OPEC maintained output restraints, risking the loss of market share to its biggest rival. Russia's eight-month oil production rose 8.6% to 7.46 million barrels a day, Prime-Tass reported. Representatives of Russia will attend the OPEC meeting in Osaka as observers, the Energy Ministry said last month. Ministry officials couldn't immediately be reached to confirm the figures reported by Prime-Tass. Russia increased August oil exports to 3.26 million barrels a day, a 5.2% rise from August, 2001, the news service said. finance.canada.com