Russia key to stable oil prices

Nov 14, 2001 01:00 AM

Four non-OPEC producers have agreed to reduce oil supplies to help OPEC bolster sagging oil prices. However, Russia remains the key to price stabilization, Saudi Arabian Oil Minister Ali Naimi said. Russia has agreed to cut its output by 30,000 bpd, a level that Naimi called "disappointing." "Thirty thousand bpd would disappoint anyone," Naimi said. OPEC has received positive comments from non-OPEC Mexico, Norway, Angola and Oman.

However, Russia, which has the second largest crude production capacity, behind Saudi Arabia, is the key to OPEC's efforts to stabilize oil prices, Naimi said. He said cooperation from non-OPEC producers is "absolutely necessary" to bring oil prices to $ 20/bbl.

Source: Dow Jones
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