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Last updated at: (Beijing Time) Friday, November 23, 2001

Russia Announces 50,000-Barrel Oil Cut Per Day

Russia will cut the output of crude oil by 50,000 barrels a day until January 1, 2002, Russian Deputy Prime Minister Viktor Khristenko announced Friday.


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Russia will cut the output of crude oil by 50,000 barrels a day until January 1, 2002, Russian Deputy Prime Minister Viktor Khristenko announced Friday.

He made the remark after Prime Minister Mikhail Kasyanov's meeting with the chief executives of Russia's largest oil companies. The meeting followed previous intensive consultations between OPEC and the largest non-0PEC oil producers.

The decision to cut oil production and exports by 50,000 barrels a day will be good for the fourth quarter of 2001, and a similar conference will be held in December to review the scale of export reduction, Khristenko said.

This decision will supersede the government's previous cut providing an oil reduction of 30,000 barrels a day, he said.

At Friday's meeting, Kasyanov and heads of Russia's giant oil companies also discussed steps to be taken to stabilize the oil market in 2002, medium-term plans to develop the national oil industry, Russia's oil needs and production potential, as well as cooperation with CIS states, he added.

Thursday, Khristenko told reporters that Russia would like to see crude oil prices stabilize within the range of 20 U.S. dollars to 25 dollars per barrel. Two other large non-OPEC oil exporters, Norway and Mexico, have already said they are cutting the daily production of oil.

Friday's meeting was attended by Kasyanov, Khristenko, Energy Minister Igor Yusufov and heads of Russia's largest oil companies, Lukoil, YUKOS and Sibneft.






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