Russian oil production has returned to levels not seen for a decade and crude exports last year beat all records, but Moscow's ability to contribute to a lowering of world prices remains limited, experts said ahead of a key OPEC meeting at the weekend.
Some OPEC members, including the world's biggest exporter Saudi Arabia, are willing to boost production in order to stabilise oil prices that have remained above the $28 per barrel level for several weeks as a result of uncertainty over Iraq and Venezuela.
The oil cartel is holding a special meeting in Vienna on Sunday to discuss the situation and Russia, though not a member, has promised to do what it can to help.
'We are prepared to cooperate in any way possible,' Energy Minister Igor Yusufov said during a visit to the Gulf where he held talks with Saudi, Kuwaiti and Iranian officials.
Following a rise in production for the fourth successive year, Russian crude output hit 379.6 million tonnes (7.59 million barrels a day) in 2002, confirming the country's standing as the world's second-ranked producer after Saudi Arabia.
Exports from Russia totalled 156.6 million tonnes (3.13 million bpd), the highest level since the collapse of the Soviet Union in 1991, according to provisional figures from the energy ministry, compared with three million bpd in 2001.
However, Russia's potential to step in and supply more oil is limited, oil analysts say. 'Russia has no spare production capacity and typically uses almost all its export capacity,' they note.
Russia has pondered numerous plans to increase export sales in recent years, but these require time to be put into effect and Russia, unlike Saudi Arabia, has no means of reacting rapidly to curb a rise in world oil prices.
But some Russian experts believe that analysts have underestimated the country's margin for manoeuvre. They note that Russia's oil barons have been following the situation closely and have almost all envisaged substantial increases in their production in 2003 with the clear objective of selling on world markets.
