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Indonesia, Russia To Trim Oil Exports

Fri., March 27, 1998, midnight

Indonesia and Russian energy giant Lukoil on Thursday became the latest oil producers to announce they will reduce exports because of a recent plunge in world oil prices.

In addition, Norway’s oil minister proposed cutting oil exports by 3 to 6 percent to help OPEC ease a glut of supply.

However, Oil Minister Marit Arnstad’s minority government did not immediately have the parliamentary backing needed to cut Norway’s massive production of 3 million barrels a day, the Norwegian news agency NTB reported.

Indonesia will cut crude oil production by 70,000 barrels a day, Mines and Energy Minister Kuntoro Mangkusubroto said.

Lukoil, Russia’s biggest oil company, will cut exports of oil products by about 7 million barrels this year, company chief Vagit Alekperov said, but exports of crude oil will remain unchanged.

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