Russian authorities announced this morning that they would reduce oil exports by 150,000 barrels per day from January 1st, 2002, following pressure from the Organisation of Petroleum Exporting Countries.
The reduction, announced after a meeting between Prime Minister Mr Mikhail Kasyanov and Russia's leading oil producers, falls short of the 180,000 barrels a day cut that Qatar's Oil Minister Abdallah al-Attiyah said OPEC had been hoping for a day earlier.
Previously Russia cut 50,000 barrels a day, or 0.7 per cent of its total production, over the last quarter of 2001.
"The government and the oil groups believe it is possible to make a large cut in exports of crude. From January 1st, 2002, oil exports will be reduced by 150,000 barrels a day," a government statement said.
Mr Kasyanov told reporters that the meeting had discussed "measures to facilitate the stabilisation of world oil prices".
OPEC has warned that it would not make the 1.5 million barrels a day reduction in its exports needed to sustain oil prices if non-OPEC countries accepted an overall reduction of 500,000 barrels a day.
Russia, the world's second-largest oil exporter but a non-OPEC member, has been slow to follow other non-members such as Norway, Mexico and Oman in agreeing to cuts.
AFP