Russia, Azerbaijan, Kazakhstan May Reduce Oil Supply

(Bloomberg) — Russia and the former Soviet republics of Azerbaijan and Kazakhstan may cut oil supply next year to bolster their economies as a global recession reduces demand for crude.

Russia may slash exports by 320,000 barrels a day if oil stays at current prices, Deputy Prime Minister Igor Sechin told reporters in Oran, Algeria, today, where OPEC is holding a meeting. Kazakhstan may also pump less crude, Sechin said. Azerbaijan is willing to cut as much as 300,000 barrels a day, Oil Minister Natig Aliyev said.


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