November 28, 2001	Wednesday	Ramazan 12, 1422

LONDON, Nov 27: IPE Brent crude futures climbed on Tuesday after Norway said it hoped that Russia would announce big crude production cuts for 2002, dealers said.

“It is the Norway comments on Russia that are helping prices,” said a trader.

By 1603 GMT, January Brent was 34 cents up at $18.70 a barrel. New York light sweet crude stood 43 cents higher $19.12 a barrel.

December IPE gas oil gained $1.75 to $164.25 a ton.

Norway’s Oil and Energy Minister Einar Steensnaes said that he was seeking talks with Moscow about ways to bolster sagging oil markets.

He welcomed Russia’s decision to cut 50,000 bpd from production in the fourth quarter to help Opec and other producers bolster prices but added: “I hope that Russia will come up with a considerably higher amount” in 2002.

Steensnaes also said that he believed it was unrealistic to think that Opec and non-Opec producers like Norway could raise prices back to an Opec target price of $22-28 a barrel in the short term.

Oil prices had earlier trimmed gains made on fresh Iraq export disruption worries when OPEC President Chakib Khelil said the oil cartel could hike output to exert pressure on rival exporters, if they fail to agree joint action to curb oversupply in world markets.

The market had earlier been bolstered by signs that Iraq’s 2.1 million barrels per day (bpd) of exports could be endangered by Baghdad’s rejection of a four-month extension to the oil-for-food programme, as proposed by the US and Britain.—Reuters