Russian Oil Companies To Take Maximum Efforts To Stabilise Oil Prices

The decision of Russian oil companies against building up oil-extraction volumes in 2002 by 15 million tonnes will allow to reduce oil-extraction and export volumes by 300,000 barrels a day, Leonid Fedun, vice-president of the LUKoil company, told journalists Friday. According to him, the reduction in 2002 will constitute 350,000 barrels a day with due regard of the decision already taken by the Russian government to cut oil-extraction and export volumes by 50,000 barrels a day in the fourth quarter of this year. LUKoil deems it expedient to reduce oil-extraction and export volumes proportionally by 100-150 barrels a day, Leonid Fedun noted. He believes this will allow to stabilise the situation in world oil markets.