Russia is to keep its crude oil production unchanged until the end of June, to maintain price stability in the sector.
The level of exportation of Russian crude in the second quarter of 2002 will be identical to that of the first, according to Russian Vice-Prime Minister Viktor Khristenko, quoted by news agency Interfax.
At the beginning of the year, Russia and other independent producers not in the OPEC cartel decided to go along with a cut in production levels to support the price of crude at a time when there had been a fall in demand. This undertaking had only referred to the first quarter but now it is confirmed that the policy will be in place for another three months.
Meanwhile, the Iraqi oil minister is in Moscow for talks on development of economic relations between the two countries in the event of a lifting of UN sanctions on Iraq.
Timofei BYELO PRAVDA.Ru