Russian Oil Companies To Reduce Crude Exports
Russian oil companies announced they were going to cut oil exports to stabilize prices on the world markets, Interfax news agency reported. Russian Prime Minister Mikhail Kasyanov told journalists on Friday that at least six domestic oil companies would make such a proposal to the government next week.
"We will agree the companies take this decision themselves and will take it into consideration in the work of the government,'' Kasyanov said, explaining that it was their right to make the decision since they would suffer future losses.
Kasyanov did not specify volumes of the possible future cuts, saying the issue would be discussed with oil companies' heads next week.
Russia, the world's second largest oil exporter, is not offering help to OPEC's efforts to support oil prices since it is not a member of OPEC and has in the past largely ignored OPEC output cuts. According to Russian experts, Russian oil exports rose again in October. Any way, crude markets jumped more than $1 per barrel after the announcement, Reuters reported.
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