OPEC's secretary general Ali Rodriguez negotiated with top Russian officials today in a bid to convince the world's second-biggest oil producer to keep exports down so world prices can stabilize.
However, Rodriguez said that the cartel is unlikely to change its oil export limits at a March 15 meeting in Vienna, according to news reports.
Because of dropping oil prices, OPEC nations cut output by 1.5 million barrels a day starting in January. Under heavy OPEC pressure, Russia agreed to cut exports in the first quarter by 150,000 barrels a day, or about 5%.
After meeting with the OPEC delegation Monday, energy minister Igor Yusufov said Russia would work together with OPEC on stabilizing prices, but gave no sign of whether the nation would keep its exports down in the second quarter.