RUSSIA - Nov. 23 - Moscow Rebuffs OPEC Demands To Cut Output.

In a meeting with government officials, oil company executives say they will wait to announce a decision on oil export cuts for 2002 until the second week in December. They offer to trim 50,000 b/d exports in the 4th quarter of 2001, up from a previous pledge of 30,000 b/d, but still below the 500,000 b/d cut OPEC is demanding of non-cartel exporters. Stephen O'Sullivan, head of research at United Financial Group, an investment bank in Moscow, said: "They have failed to even create the impression that they are cutting. That looks bad in front of OPEC and the rest of non-OPEC. The whole aim of a Russian cut should have been to allow everyone to save face". (OPEC decided last week that it would cut 1.5m b/d from Jan. 1, 2002 only if rival producers cut their output as well - see last week's Recorder. Expectations for non-OPEC cuts grew on Nov. 22, when Norway, the second-largest exporter outside of OPEC, said it would cut its crude output by 100,000 to 200,000 b/d. Mexico, the third-largest exporter, agreed to reduce output last week, as did Oman. Russia is the only major non-OPEC exporter that has not pledged cuts. Without consent from Russia, the No. 1 exporter outside the cartel, export cuts will occur and OPEC will remain locked in conflict with non-cartel exporters. OPEC Sec-Gen. Ali Rodriguez was quoted by the Opecna news service as saying: "With the global economic downturn forecast to continue, it is imperative that all oil producers act now to prevent what could be a catastrophe in the market later").