Oil Exports Will Be Reduced By 150,000 Barrels Per Day From January 1 2002

The governmental information department has announced that from January 1st 2002 Russia will reduce its oil exports by 150,000 barrels a day. The decision was taken on Wednesday at a meeting with the government representative Mikhail Kasyanov and oil companies heads. The department also stated that at the meeting measures were worked out, which could help stabilise oil market speculation. "On the basis of the current situation the Russian government and oil companies believe it will be possible to introduce further Russian oil cuts.