Yukos Happy To Boost Oil Exports

Yukos Oil's chief executive officer has said that the second largest Russian oil producer “would be glad to increase production” if the Russian government decides to stop cooperating with OPEC. Russia entered into an agreement this year with the Organization of Petroleum Exporting Countries to restrict oil exports and prop up prices. “I object, but the decision is ultimately up to the government,” Mikhail Khodorkovsky said in an interview. The executive was in Detroit at a panel discussion that was part of a meeting of energy ministers from the Group of Eight industrialized nations. Asked whether the gathering could affect Russian oil production, he replied through a translator, “I'm just hoping Russia's place in the big picture is going to be much larger and more evident than it was a year ago.” Russia has been under pressure from industrialized countries to step up production to counteract cuts by OPEC countries, analysts said. Its participation in the OPEC plan may end soon.

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