MACROECONOMICS.

The countries-members of the Organization of Petroleum Exporting Countries (OPEC) agreed about reduction of volumes of oil production by one million barrels a day to stop falling of world prices. It was declared on Sunday by minister of oil of Algeria Chakib Celil, the Austrian mass-media inform referring to the Algerian news agency (RIA NOVOSTI).

Details of the arrangement will be developed at forthcoming OPEC meeting, which will take place next week in Qatar.

"Now it is high time to undertake something, - OPEC President Edmund Daukoru declared. – It would be silly to wait while we will be at a level of $10". However thus he emphasized that reduction of volumes of production - a temporary measure.

RAO "United Energy Systems" will reconsider export-import relations to solve the problem of a problem of energy deficit in the country during a winter maximum, Anatoly Chubays declared on Friday.

"Now in Russia there is the extremely difficult situation on energy deficit. In this situation we have to apply measures on maximal use of existing capacities during autumn-winter maximum", - Chubays saidto journalists in Astana on results of 30-th meeting of CIS Electropower Council.

As he said, export of the electric power will be minimized, and import - maximized.

The RAO head noted that between Russia and Kazakhstan there will be no "scale changes in export and import of the electric power", but serious changes will be in the Russian-Ukrainian, Russian-Belarus, Russian-Caucasian, Russian-Baltic streams".

The Ministry of Finance of Russia forecasts that the volume of stabilization fund on the end of current year will grow up to $93,3 billion dollars.

According to data for October, 1st, the total volume of Russian stabilization fund made $70,73 billion. The Ministry of Finance of the Russian Federation forecasts that in the end of 2007 the volume of stabilization fund will increase up to $159,9 billion. According to the forecast, for the end of 2008 the volume of stabilization fund will make $209,4 billion, on the end of 2009 - $245,5 billion. As it is noticed in materials growth of volume of stabilization fund from 2004 till 2009 will make 8,1 times.

THE GENERAL ESTIMATION OF ECONOMY.

On Friday the stock market showed good dynamics, growth of shares was observed on all spectrum of blue chips of the first echelon of shares. Growth of raw sector affected positively the whole market. Activity of investors on Friday was above average.

The Russian share market finished week with the confident rise owing to oil prices, which growth on Friday became consequence of increase of demand for fuel in the USA and essential reduction of oil deliveries from Norway, the third oil exporter in the world, because of an interdiction on oil production on two fields. The world share markets also showed positive dynamics.

Among leaders of growth there were the raw papers of Lukoil and also Gazprom, which increase of quotations was caused by news about Standard&Poor 's increase of a rating of the concern up to "???-" from " ?? + ".

After «gap» at the opening, caused by positive dynamics in the world markets, growth in the Russian share market did not stop, and proceeded after increasing oil prices. On results of the tenders MICEX index was up 1,9 % and stopped at a mark 1439,57 points. RTS index added 1,82 % and was closed at a level of 1610,44 points.

The volume of the tenders on MICEX made 3157,24 million dollars. In classical section of RTS volume of the tenders made 66,8 million dollars. Situation for continuation of growth in the Russian share market remains positive.

Leaders of growth were shares: Lukoil (+6,89 points), Gazprom (+5,318 points), Norilsk nickel (+2,776 points), Sberbank (+2,71 points), Novatech (+2,707 points). Leaders of falling were shares: Yukos (-0,213 point), Sibirtelecom (-0,029 point).

GAZPROM.

Increase of the international rating of Gazprom has affected positively  shares of the joint-stock company. International rating agency Standard and Poor's (S&P) raised a long-term corporate rating and a rating of a priority debt of JSC "Gazprom" from " BB + " up to "BBB-". The S&P message says about it.

The forecast of a rating - "Stable".

"Increase of a rating of "Gazprom" reflects improvement of a price situation both in a home market, and concerning export to Europe and countries of former USSR in this connection in 2006 Gazprom for the first time should show a positive free monetary stream", - a credit analyst at S&P Elena Anankina noted.

The agency considers business-structure of "Gazprom" as satisfactory, the message adds. The financial structure of the company though improves, however remains aggressive, taking into account growth of capital investments, the risks connected with assets’ purchase, significant debt loading and a high level of a short-term debt, is said in the S&P press release.

Recommendations remain former - we keep purchases from 10,5 - stop at a line of entrance.

RTS index

Gazprom in RTS