Photographer: Andrey Rudakov/Bloomberg Workers use machinery to move drill sections on the drilling floor of the oil derrick in the Salym Petroleum Development oil fields near the Bazhenov shale formation in Salym, Russia. While Russia pumps about 10 million barrels a day, more than 10 percent of global output, much of its oil is produced by private companies. Nations supplying a third of the world’s crude oil failed to pledge output cuts after meeting in Vienna. Russia can withstand prices even lower than they are now, the country’s biggest producer said. Officials from Venezuela, Saudi Arabia, Mexico and Russia said yesterday only that they would monitor prices. Crude futures sank to a four-year low in New York. OPEC meets tomorrow, with analysts split evenly over whether the group will lower output in response to the crash in prices. Crude fell into a bear marketthis year amid the highest U.S. production in 31 years and speculation that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries won’t do enough to curb a surplus. Prices are below what nine of group’s 12 members need to balance their national budgets, data compiled by Bloomberg show. “All these countries are significantly affected by lower prices and want to see cuts, but it is a big step between having these talks and taking actual coordinated action to achieve this,” Richard Mallinson, geopolitical analyst at London-based Energy Aspects Ltd., said by phone yesterday. “The key is going to be what happens amongst OPEC members.” Brent, the global benchmark, rose 10 cents to $78.43 a barrel on the London-based ICE Futures Europe exchange at 3:19 p.m. Singapore time. West Texas Intermediate added 3 cents to $74.12. Yesterday the contract closed at the lowest in more than four years. bloomberg