UNECHA (Bryansk Region), June 10 (RIA Novosti) - Russia has no plans to reduce oil production or oil exports in the next three years, a Russian deputy prime minister said on Wednesday.

Igor Sechin, who oversees the fuel and energy sector, said in three years time, oil production volumes would depend on investment in prospecting.

He said with current oil prices it was inexpedient to reduce oil exports,

Last December, Russian authorities said that due to the situation on world markets, Russian oil companies would export 16 million tons of oil less than planned.

"Now the oil price has stabilized at $60-68 per barrel. Exports have become economically more expedient," Sechin said.

He added that companies would now be able to offset some of their previous losses.

Russia increased the oil export duty to $152.8 from $137.7 per metric ton from June 1, in line with trends on global oil markets.

The Organization of Petroleum Exporting Countries left unchanged its oil production quotas at 24.8 million barrels of oil daily at a meeting in Vienna last Thursday amid climbing oil prices on the global market.

Russia's federal budget for 2009 is pegged to an oil price of $41 per barrel.