Russia offers olive branch of deeper cut to OPEC

Russia last week may have averted the possibility of a damaging market share war with the Organization of Petroleum Exporting Countries by telling OPEC it will increase its proposed oil export output cuts to 150,000 b/d.The announcement from Moscow that its original offer of a 50,000 b/d export supply cut would be increased came after a behind-the-scenes meeting between a delegation of OPEC economic advisers and officials of the Russian energy ministry and leading Russian oil companies.Its immediate affect on London's International Petroleum Exchange was to send the price of the next-month Brent futures price contract up by 3.9% to close Dec. 5 at $20.05/bbl-although that price was st...

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