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Norway wants oil price cuts

Norway's oil minister Einar Steensnaes said on Wednesday after a meeting with his Russian counterpart that he believed the oil cartel OPEC and major independent oil producing nations should join forces to bring oil prices down from current levels.

Norway's oil minister Einar Steensnaes said on Wednesday after a meeting with his Russian counterpart that he believed the oil cartel OPEC and major independent oil producing nations should join forces to bring oil prices down from current levels.

"I think that OPEC countries as well as non-OPEC countries should take joint efforts to balance the market," Steensnaes said after meeting Russian oil minister Igor Yusufov.

"I think the price could be reduced in the second quarter of this year," he told Reuters.