Venezuelan Energy Minister Expects Russia To Bring Its Oil Exports Further Down

The OPEC member states hope Russia will bring its oil exports further down. The measure would help OPEC stabilize the world's commodity markets and return to fair oil prices, Venezuelan Energy Minister Alvaro Silva Calderon says in a statement circulated Monday by the OPEC Secretariat General in Vienna. According to his statement, Calderon plans on visiting Moscow some time soon to discuss with Russian Energy Minister Igor Yusufov the world's current situation with petroleum and with fuel at large. Among others, he is going to raise the issue related to the prospective reduction of quotas on the recovery and export of crude oil. OPEC will reduce the quotas if major oil producers, including Russia, Mexico, Norway and Oman, cut down on their oil exports by 0.5 million barrels a day, altogether. In the Venezuelan minister's opinion, the OPEC member countries have been "somewhat disappointed" by Moscow's decision on a mere 50,000-barrel cut.