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Russia may not curb oil
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February 11, 2002: 7:16 a.m. ET
World's second largest oil producer to set its own policy, report says.
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NEW YORK (CNN/Money) - Russia plans to follow its own course in the oil market, which could include increasing its oil production -- a move that would conflict with OPEC's attempts to reduce supply worldwide, according to a newspaper report Monday.
According to data released Friday by the Paris-based International Energy Agency (IEA), Russia's oil production increased by 60,000 barrels per day in January from the previous month and oil exports from the former Soviet Union rose by 760,000 barrels a day, the Wall Street Journal reported.
The data comes on the heels of an OPEC decision to reduce output with the hope of avoiding a global price war.
While Russian President Vladimir Putin said Russia would carry out its own policies, he also said the country would cooperate with OPEC, the report said.
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Russia had promised OPEC to reduce its exports by 150,000 barrels per day in the first quarter, and some members of the IEA say it will take time. OPEC plans to reduce its output by 1.5 million barrels per day in the first quarter, but only cut by 640,000 in January, the Journal said.
Light sweet crude oil prices closed 62 cents higher Friday at $20.26, while London's Brent crude prices dipped 21 cents to $19.76 in early trading Monday. 
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