Russia wants to set up non-OPEC oil producer group

Nov 19, 2001 01:00 AM

Russia offered to create a parallel structure to OPEC with other non-cartel oil producers to help stabilize prices, days after its shrugged off an OPEC ultimatum to slash its exports. The proposed structure, which would be informal, would mostly serve as a means to exchange information between participants.

Russian Energy Minister Igor Yusufov made the proposal to his Mexican counterpart Ernest Martens, who was visiting Moscow to discuss the oil market situation.
Martens, who will meet Norway's energy minister in Oslo, expressed "great interest" in Moscow's idea. Ministers of OPEC agreed to cut their production by 1.5 mm bpd from January 1 on condition that major non-OPEC producers like Russia, Norway and Mexico cut theirs by half a million bpd.

Mexico announced that it would cut oil exports "up to 100, 000 bpd" from January 1 if OPEC confirmed its conditional cut. But Russia reiterated that no one could tell it how much oil to export.
Oil prices have fallen dramatically as major crude producers have chosen to chase market share rather than price stability at a time when a supply glut is swamping a market undermined by falling demand.

Source: AFP
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