Russia may act to stabilise oil prices

Russian Deputy Trade and Economy Minister Arkady Dvorkovich said on Wednesday that his country needed to take measures to stabilise prices for oil, its key revenue earner. "And they are likely to be taken," Dvorkovich told an investment conference. He was talking as Prime Minister Mikhail Kasyanov and oil companies were to meet to discuss possible cuts of crude exports to help support world prices of crude. Exports of oil are key to Russia's economic health. Russia and other OPEC member countries including Norway and Mexico have come in for pressure from the Organisation of Petroleum Producing Countries to cut oil production to shore up plunging oil prices. OPEC agreed to scale back output by 1.5 million barrels a day, but only if non-member producers also do their part. Norway announced late last month that it would cut output, but only if OPEC and the other non-OPEC producers followed suit.