VIENNA, March 15 (RIA Novosti) - Russia's crude oil
output declined 1.9% in January-February to 78.5 million metric
tons (575 million barrels), Deputy Prime Minister Igor Sechin
said on Sunday.
"In January-February 2008, crude oil output in Russia
declined 1.5 million metric tons (10.9 million barrels) from
the same period of 2008 to 78.5 million metric tons," Sechin
said at a conference of the Organization of Petroleum Exporting
Countries (OPEC) in Vienna.
Sechin said that the unprecedented efforts, which OPEC
member states and independent oil producing countries were
taking to cut oil exports helped world oil prices stabilize at
around $40 per barrel but urged further coordinated action to
keep the global oil market stable.
Sechin, who oversees Russia's fuel and energy sector in
the government, also spoke for the use of long-term contracts
on oil supply to make the world oil market more predictable.
This measure "would make it possible to take into account
the growth of real expenses on oil production and
transportation in the pricing formula," Sechin said.
Sechin also said oil producing countries should build up
their oil reserve facilities to prevent undesirable oil price
fluctuations.
Oil prices have plunged to just around $40 per barrel from
their mid-July highs of $147 per barrel as credit crunch has
reduced the demand for fuel.
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