Russia Welcomes OPEC Output Cut

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Last updated at: (Beijing Time) Saturday, December 29, 2001

Russia Welcomes OPEC Output Cut

Russia was satisfied with OPEC' s decision to reduce oil production by 1.5 million barrels per day as from January 1, 2002, Deputy Energy Minister Oleg Gordeyev said Friday.

Russia was satisfied with OPEC' s decision to reduce oil production by 1.5 million barrels per day as from January 1, 2002, Deputy Energy Minister Oleg Gordeyev said Friday.

He said the OPEC decision should stabilize world oil markets and "make oil prices more fair, both for manufacturers and consumers."

Gordeyev also said the decision was joined by Russia and other non-OPEC oil producers, such as Norway, Mexico, Oman and Angola.

Asked how long Russia's decision to reduce oil exports by 150, 000 barrels per day would remain in force, Gordeyev said it directly depends on economic conditions in leading Western powers such as the United States and the European Union.

"If the economic situation in the most developed countries that are the biggest consumers of oil improves, if economic growth is registered, the prices of raw materials will be higher and stable, " he said.

OPEC announced Friday at its extraordinary session in Cairo that it would cut oil production by 1.5 million barrels per day for six months starting from January 1, 2002, after winning pledges from five major non-OPEC oil exporters to shed 462,500 barrels per day.

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