Russia should not maintain its oil export squeeze

Mar 04, 2002 01:00 AM

Russian President Vladimir Putin's top economic adviser said that Russia should not maintain its oil export squeeze, despite demands to that effect by a top-level visiting OPEC delegation. "If we want those sectors linked to oil production to suffer a crunch, then we should maintain the oil export cut," said Andrei Illarionov.
The ultra-liberal economic adviser has long argued that Russia can weather a period of low oil prices and should not bow to demands OPEC to restrict exports to prop up the faltering crude market. The 11-member cartel is seeking to persuade Russia, the world's second-largest oil exporter, to maintain a 150,000 bpd oil export cut from January 1 to March 31 into the second quarter of 2002.

OPEC secretary general Ali Rodriguez, in Moscow for talks with officials, said that OPEC wanted rival producers to stick with a global output cut until 2003 and would keep its own production at current low levels if they do.
But the drop in Russian oil exports has produced a glut ofcrude on the domestic market, forcing prices down and causing a sharp drop in revenue for producers and tax receipts for the government.

Source: AFP
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