The CIS countries are not ready to cut production together with OPEC

Almaty. October 22. Silkroad News - OPEC has invited three outside the organization countries for the meeting with technical experts - Russia, Kazakhstan and Azerbaijan, reported the Reuters.
"Leading manufacturers of oil in the CIS do not express the intention to cooperate with OPEC for higher world prices, partly due to the financial cushion created in the time of high prices. Among the CIS countries, Azerbaijan refused to participate", - says the publication.
According to Energy Minister of the country, Natig Aliyev - "Azerbaijan has no special needs to take part in the meeting".
Over 75% of Azerbaijani oil is produced on a group of offshore fields Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea, which is engaged in the development of a consortium led by BP. The country this year expects decrease in total production by 3% to 40.7 million tons and a further reduction to 40 million tons in 2016.
Russian ministry officials have said that they see no point in an artificial lowering of production. Russia continues to produce oil at a record pace of about 10.7 million barrels per day and is ready to fight for a share of the world market against the backdrop of increased competition in the important Russian market in Europe.
In addition, Russia is not technically able to drastically reduce production, because some of the well after stopping will freeze, and if it reduces the export, there is nowhere to store the oil.
Kazakhstan, according to Energy Minister Vladimir Shkolnik, has already reduced oil production. This year, according to forecasts, oil production in Kazakhstan will decrease to 79.5 million tonnes from 80.8 million tonnes last year. Astana is considering tax incentives for some mature fields to maintain production.
"All three countries have the financial reserves that allow them some time to not worry about low prices. The Russian National Welfare Fund and the Reserve Fund keep about $144 billion, the National Fund of Kazakhstan about $68 billion, the Azerbaijani oil fund - $36 billion", - said in a statement.
"I think they will not cooperate. This are typical countries that are not members of OPEC, which simply produce the maximum", - quotes Reuters the deputy director of analysis firm IHS Daniel Yergin.