Russia increases oil production, offsetting OPEC's cuts

Russia, which was initially expected to cut production in 2009, in conjunction with slack global oil demand, has actually increased production, and thus profited from a gap created by OPEC production cuts.

Russia's exports of crude and refined product increased to about 7.4 million barrels per day (bpd) in the second quarter, according to data released by Russia's Energy Ministry, Bloomberg News reported Tuesday.Oil traded up $2.02 to $70.02 per barrel on talk OPEC will maintain current production quotas, which institutional investors interpret as bullish for prices, given likely rising global demand next year.