OPEC hopes Russia will keep oil exports cut

The OPEC still hopes that Russia will keep crude oil exports to the world markets cut at least for the third quarter of the current year, said a high-ranking source in the OPEC headquarters in Vienna.

The OPEC leadership hopes that Russia and Norway, the largest oil exporters outside the OPEC, will continue their intensive cooperation with the organization, coordinating their oil policies and strategies. This position of Moscow and Oslo would meet the requirements for stabilizing the world raw material markets and keeping optimum prices for crude oil and other oil products, the source said.

The issue will be discussed at a top-level expert meeting due on Thursday and Friday at the OPEC Secretariat General, and will be one of the points for working out recommendations for the extraordinary 120th Vienna conference of the OPEC oil and energy ministers that opens on June 26th.