about three-tenths of one percent of total U.S. foreign trade.
• Cutting back: Russia will cut crude-oil exports 2.3% to help OPECstabilize prices, according to ex-energy minister Boris Nemtsov. Oilaccounts for about 25% of Russia’s exports, and oil taxes are about 25% offederal revenues. About one-third of domestic production is exported. Thegovernment allots export licenses to producers in proportion to production,a system that encourages high levels of production regardless of domesticdemand. Producers prefer to sell to Western customers, who are more likelyto pay than domestic buyers.