OPEC displeased with Russian and Norwegian decision to increase oil export

OPEC's countries were displeased with the decision of the two major independent oil exporters - Russia and Norway - to cease further cuts in crude oil production and export and to increase these volumes in the 3rd quarter of the current year, said the participants in the emergency 120th conference of OPEC's energy and oil ministers.

According to a Venezuelan representative, the OPEC "to the last minute hoped that Moscow and Oslo would extend the decision on the cut oil quotas at least into the 3rd quarter or even till the end of the year. However, the statement of Russian deputy Prime Minister Viktor Khristenko and Norwegian Energy Minister Einar Steensnaes, who said that the previously cut 150,000 barrels of crude oil per day would return to the world raw materials market, have dashed all hopes and made OPEC re-consider the degree of its cooperation with large oil producers outside the organization."