VOL. XXXIV

NO. 25

25-MARCH-1991

Supply/Demand

Soviet Oil Exports Cut by Half, Says Gorbachev

Soviet President Mikhail Gorbachev said last week that his country is cuttingoil exports by half, resulting in a severe shortage in foreign currency earningsand imports, according to the Soviet news agency TASS on 18 March. Mr. Gorbachevtold a group of economists that "instead of 125mn tons of oil (2.5mn b/d),we managed to set aside for sale only 60mn tons of oil (1.2mn b/d). This means aloss of hard...