Russia does not intend to reduce its oil production following OPEC's decision to cut its quota to 1.2 million barrels per day, according to Andrei Dementyev, Russian deputy industry and energy minister.

"We are not planning to reduce [oil production]. We are increasing oil production under our strategy, and diversifying our markets and supplies," Andrei Dementyev said.

A Consultative Meeting of the Conference of the Organization of Petroleum Exporting Countries (OPEC) was held in Doha, Qatar, October 19-20, where it was decided to reduce production by 1.2 million barrels per day, from the current production of about 27.5 million barrels per day to 26.3 million barrels per day, effective November 1, 2006.

The price of the OPEC basket of 11 crudes stood October 19 at $54.56 per barrel, the organization said Thursday.

Russia's oil production grew 2.4% in the first eight months of 2006, year-on-year, to 318 million metric tons (2.34 billion bbl), the Federal State Statistic Service said October 16.

"We are not going to follow anyone's lead," Dementyev said. "Russia is not a unified oil company, and it is not an OPEC member."