MOSCOW, Dec 5: Russia said on Wednesday it would cut its booming exports of oil by around five per cent from next year, caving in to pressure from Opec to help support world prices of crude.

Key Opec nations Saudi Arabia and Kuwait welcomed the move by Russia, the world’s number two exporter and a leading rival for market share outside Opec, to cut exports by 150,000 barrels per day from January 1 out of shipments of just over three million.

Fellow non-Opec state Norway also approved, although analysts said the cuts were partly illusory as exports tended to fall anyway in the long winter months when supplies were diverted to domestic use and bad weather shuts export ports.

Russian Prime Minister Mikhail Kasyanov, speaking after the meeting where the government and top oil companies negotiated the export cut, said he hoped other nations would follow suit.

“We count on the fact that other oil suppliers, which have already taken a decision (on output cuts) will in fact carry them out,” he told reporters. He said the government would do what it could to make sure its own pledge was fulfilled.

The move was made despite differences among oil companies, keen to boost market share. Number two oil firm YUKOS was particularly against cuts but said it would not break ranks.

“As an oil firm, we will follow any government decision,” said a YUKOS spokesman. Simon Kukes, head of third largest firm, Tyumen Oil, said he pushed for cuts and saw them as positive.

OPEC DECISION TODAY: Opec Secretary-General Ali Rodriguez was consulting ministers on Wednesday evening after Russia’s decision to cut output, and expects to release a response on Thursday, an Opec spokesman said.