Russia, the world's second largest oil producer, plans to extend the oil output cuts introduced at the beginning of the year until June. It made the cuts under pressure from OPEC in a pact to shore up sliding prices. The government was expected to announce its final decision on the issue after meetings this week.
Russia's oil exports would be the same in the second quarter of 2002 as in the first, thus extending the cuts until June, said deputy prime minister Mr Viktor Khristenko. Analysts had expected Russia to bow to pressure from OPEC to extend the cuts it reluctantly introduced in January, after the body decided to leave output unchanged at a meeting in Vienna on Friday.
Although Russia is not a member of OPEC, its agreement to curb exports is seen as essential to seal an OPEC-led producer pact to skim almost two million barrels per day of oil from world markets. Energy chiefs from the 11-member body agreed late on Friday to leave crude oil output levels unchanged in the second quarter, extending swingeing export cuts that have helped haul prices back from a post-September 11th slump.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)