VOL. XLVI

No 41

13-October-2003

RUSSIA

SUPPLY/DEMAND

Russia Unlikely To Cut Supplies Voluntarily, Says UBS

It is difficult to predict what Russia would do if prices declined and OPEC put pressure on non-OPEC producers to reduce output, but Russia would not be a willing participant in future oil cuts, according to UBS. In a UBS Investment Research report of 3 October, analysts Paul Ting, Neil Quach, Seth Buchalter and Son Vann add: Involuntary cuts due to low prices (say sub-$18/B WTI), however,...