Indonesia, Russia To Trim Oil Exports

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.