Russian Vice Premier Igor Sechin proposed "extensive cooperation" with the OPEC oil cartel, hours before the group's 13 ministers decided to scale back production by around 520,000 barrels a day (BPD) (less than 1 per cent of world oil supply), over the next 40 days in the face of falling prices and slowing demand growth. While OPEC officials described the cuts as necessary to avoid a buildup of excess supply, reports noted that the decision could face criticism when prices were still above $100 a barrel. The cuts would put OPEC's output, currently at around 32.7 million BPD - back to where it was during the first three months of the year. OPEC’s decision followed US benchmark crude falling by over $3 on September 9 to its lowest level in five months, settling at $103.26 a barrel on the New York Mercantile Exchange. The OPEC supplies around 40 per cent of the world's oil, while Russian output makes up another 11 per cent1.

• 1. “Russia’s bid to strengthen OPEC ties may sow unease,” Asia Energy, September 10, 2008, at http://online.wsj.com/article/SB122098635628015775.html?mod=googlenews_wsj