Russia to cut oil exports, increase domestic consumption: official
www.chinaview.cn 2009-03-15 18:22:55   Print

    MOSCOW, March 15 (Xinhua) -- Russia will cut its oil exports and add up domestic consumption amid the global financial crisis and slipping energy price, a senior energy official said on Sunday.

    "We'll be cutting oil exports while increasing domestic consumption and expanding oil refining," Russian media quoted Deputy Prime Minister Igor Sechin as saying at a conference of the Organization of Petroleum Exporting Countries (OPEC) in Vienna.

    Russia, which accounts for about 10 percent of world oil output, will ask the OPEC to coordinate steps with other countries and could consider joining OPEC in case all the agreements reached are observed, Sechin said.

    The OPEC meeting came amid the global economic meltdown and the oil price's falling.

    Some oil producing countries are pushing for a further output cut in the meeting to save the market after a 4.2 million barrels cut last year.

    An OPEC's report has predicted that global demand would fall by1.01 million barrels per day (bdp) in 2009, revising its earlier forecast of a fall by 580,000 bpd.

Editor: Pliny
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