Russia Is Not Ruling Out Further Reductions In Oil Productions And Exports

Russia is not ruling out further reductions in oil production and exports in order to stabilise world oil prices. "The decision to take more serious steps to establish stable and fair oil prices may come as a result of consultations with OPEC member-states and other oil exporters," Russian Vice-Premier Viktor Khristenko was quoted as saying on Wednesday. He believes that the "fair range" for oil prices in 2002 should be 20-25 dollars per barrel. Last week, Moscow decided to reduce its daily oil production by 30,000 barrels, but OPEC found this reduction insufficient. The Russian Vice-Premier stated that Russia had always had consultations with the OPEC member-states and other oil exporters, and it would continue this dialog."