Output down – export cut
Russia’s crude oil output declined with 10 million barrels and the export will now be cut.
The decline is compared with last year.
At the same time Russia will cut oil exports and increase domestic oil consumption in a bid to stabilize world oil prices amid the ongoing financial crisis, Deputy Prime Minister Igor Sechin said on Sunday, reported by RIA Novosti.
Russia accounts for over 10% of global oil output.
