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| Version 0 | Version 1 |
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| Oil rises as Russia threatens cut | Oil rises as Russia threatens cut |
| (about 5 hours later) | |
| Oil prices have risen after Russia said it might join producers' cartel Opec in cutting output, and following a fall in the US dollar. | |
| "Russia will co-ordinate with Opec to defend its interests," said Russian energy minister Sergei Shmatko. | "Russia will co-ordinate with Opec to defend its interests," said Russian energy minister Sergei Shmatko. |
| China's interest rate cut also boosted prices on hopes the move might prevent a slowdown in the country's growth. | |
| US light, sweet crude climbed $1.95 to $52.72 a barrel. Brent crude rose $2.15 cents to $52.50 a barrel. | |
| On Tuesday oil prices had fallen by more than $3.50 a barrel. | On Tuesday oil prices had fallen by more than $3.50 a barrel. |
| The dollar declined on Wednesday against the yen after new economic data from the US suggested the downturn was deepening. | |
| Demand fears | Demand fears |
| Analysts say that the latest steps taken by governments to boost the global financial market and economy have had little effect on oil prices. | Analysts say that the latest steps taken by governments to boost the global financial market and economy have had little effect on oil prices. |
| "There's been a lot of money thrown at the system and it hasn't done a lot yet," said Mark Pervan at ANZ bank in Melbourne. | "There's been a lot of money thrown at the system and it hasn't done a lot yet," said Mark Pervan at ANZ bank in Melbourne. |
| Oil markets fear that the global economic downturn will dramatically reduce demand for crude. | Oil markets fear that the global economic downturn will dramatically reduce demand for crude. |
| The price of oil has fallen sharply from its record of more than $147 a barrel in July. | The price of oil has fallen sharply from its record of more than $147 a barrel in July. |
| Opec, which accounts for about 40% of global oil production, cut output by 1.5 million barrels a day last month, but the move failed to stop prices from declining. | Opec, which accounts for about 40% of global oil production, cut output by 1.5 million barrels a day last month, but the move failed to stop prices from declining. |
| Russian output | Russian output |
| Some of the cartel's members have been calling for a new cut at an Opec meeting in Cairo on 29 November. | Some of the cartel's members have been calling for a new cut at an Opec meeting in Cairo on 29 November. |
| Russia has been criticised by some analysts for increasing output for several years while Opec was cutting production to support oil prices. | Russia has been criticised by some analysts for increasing output for several years while Opec was cutting production to support oil prices. |
| Russia, one of the world's leading oil exporters, is not a member of the cartel. | |
| Russia's Ural crude oil costs now less than $50 per barrel, while the Russian budget assumption for this year is $75 a barrel and for $95 a barrel in 2009. | Russia's Ural crude oil costs now less than $50 per barrel, while the Russian budget assumption for this year is $75 a barrel and for $95 a barrel in 2009. |
| The country's oil output stood at 491 million tonnes (3.7 billion barrels) in 2007 and will stay at the same level in 2008, according to a revised government forecast. | The country's oil output stood at 491 million tonnes (3.7 billion barrels) in 2007 and will stay at the same level in 2008, according to a revised government forecast. |