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International crude oil prices surge
( 2001-11-10 11:54 ) (7 )

Crude oil prices surged Friday on the international markets after Russia, the second largest exporter behind Saudi Arabia, said it would join the Organizaion of Petroleum Exporting Countries (OPEC) in cutting production.

Crude oil for December delivery jumped 1.05 dollars, or 5 percent, to 22.22 dollars a barrel on the New York Mercantile Exchange. For the week, oil prices soared 10 percent, the biggest jump since October 2000.

Meanwhile, December gasoline futures advanced 3.07 cents to 60. 71 cents a gallon, and December heating oil futures rose 1.96 cents to 62.68 cents a gallon.

In London, Brent crude oil from the North Sea surged 1.10 dollars, or more than 5 percent, to 21.38 dollars a barrel on the International Petroleum Exchange.

The markets rocketed in early trading after Russia's prime minister Mikhail Kasyanov said that half a dozen major Russian oil companies are considering cutting their crude oil exports.

Kasyanov said that the Russian government will support whatever decision the companies make next week regarding lowering their crude oil exports, according to the Interfax news agency.

The statement, marking a turnaround for the Russian government, surprised traders. In recent weeks, Russia and other non-OPEC oil producers refused to cut their production to support efforts by OPEC members to lift sagging oil prices.

OPEC ministers will meet in Vienna next week to set new production quotas. OPEC has lowered its output quotas by a total of 3.5 million barrels a day, or 13 percent, this year.

International oil prices plunged in the previous sessions of last two weeks, with crude oil for December delivery falling below 20 dollars a barrel on the New York market, the lowest level in more than two years.