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The influence of the laser frequency drift on the operation of phase-sensitive optical time domain reflectometry (φ-OTDR) systems is considered. Theoretical results based on a new numerical φ-OTDR model demonstrating the influence of the laser frequency instability on a signal are reported. This model is verified based on experimental data. It has been used to calculate the signal-to-noise ratio (SNR) of the system for different parameters of the laser source stability. As a result, quantitative requirements for lasers used in φ-OTDR systems are formulated.