Russia Confirms Decision To Cut Its Petroleum Exports

Russia has confirmed to the Organization of Petroleum Exporting Countries that it is going to cut its petroleum exports by a daily 150,000 barrels in the first quarter of 2002, said OPEC deputy secretary general Adnan Shihab-Eldin who is rounding off his Moscow visit on Tuesday. The OPEC spokesman was pleased with this decision of Russia. The petroleum cartel expects other major petroleum producers, which are not OPEC members, to confirm their intention to reduce exports of "black gold". Mexico and Norway, for one, are expected to cut their exports by 150-200,000 barrels a day. Apart from that, OPEC believes Kazakhstan will decide on a 50,000-barrel reduction in its daily exports. The cuts in petroleum exports will improve the world petroleum market developments, emphasized Dr. Shihab-Eldin.