Russia Cuts Oil Output As Opec 'agrees' Price Too Low

Vienna (AFP) - Rosneft has trimmed its oil output partly in response to sliding crude prices, the Russian oil giant said Tuesday, as an under-pressure OPEC mulled taking similar action.Rosneft said it had cut its daily output by 25,000 barrels because of "market conditions". The token reduction represented less than one percent of the behemoth's total and did little to boost energy prices on depressed global commodity markets.The announcement given in a company statement came after Rosneft chief executive Igor Sechin held talks with officials from Mexcio and OPEC members Saudi Arabia and Venezuela in Vienna, the venue for Thursday's key meeting of the Organisation of Petroleum Exporting Countries.OPEC, whose dozen members together pump out about one-third of the world's crude, was to hold its most significant meeting in recent years.The Vienna-headquartered cartel is under pressure from its poorer members like Venezuela and Ecuador to cut output after tumbling prices have slashed their precious revenues.Crude futures have sunk 30 percent since June to four-year lows on the back of plentiful oil supplies, a strong dollar and worries about stalling energy demand in a weak global economy.However the cartel's Gulf members, led by kingpin Saudi Arabia, have rejected calls for a cut unless they are guaranteed market share in the highly competitive arena, according to analysts. - 'Price not good' - Despite the apparent differences, OPEC and non-OPEC oil producers Tuesday agreed that crude prices have fallen too far, Venezuelan Foreign Minister Rafael Ramirez said."We agreed that the price is not good.

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