World Petroleum Congress President Hails Russia's Decision To Cut Its Petroleum Exports

The World Petroleum Congress President, Dr. Eivald M.R. Roren, has hailed Russia's decision to cut its petroleum exports in the first quarter of 2002 by a daily 150,000 barrels. He called this decision of Russia "adequate", since it will balance the world's petroleum markets. Other independent petroleum producers - Norway, in part - have also decided on a 150,000-barrel cut in petroleum production and export, Dr. Roren recalled. The World Petroleum Congress president believes $20-25 per barrel to be a fair petroleum price.