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Russia's oil exports dropped by 3.4 percent year-on-year in January, the country's leading statistics body the Federal State Statistics Service (Rosstat) said today.

According to Rosstat, exports out of Russia fell to 20.5 million metric tonnes (150 million barrels) during the first month of the year.

Oil accounted for 35.2 percent of the country's total exports in January 2009, compared with 38 percent in the corresponding month last year.

Meanwhile, oil production decreased by 0.8 percent year-on-year in January to 41 million metric tonnes (300,5 million barrels), Rosstat said.

In January, Russia produced 9.66 million barrels of oil (net of gas condensate) per day, compared with 29.54 million barrels produced in total by Organization of Petroleum Exporting Countries (OPEC).

News of the fall in oil exports follows comments made by Deputy Prime Minister Igor Sechin on Sunday, who said that Russia would cut oil exports and increase domestic oil consumption in a bid to 'stabilize' world oil prices amid the ongoing financial crisis.

“We will be cutting oil exports through the expansion of domestic consumption. In particular, we plan to transfer 2 million tons of fuel to agricultural producers and also increase oil refining inside the country,” Sechin said.

Speaking at an OPEC meeting in Vienna, Sechin urged coordinated action with world oil producers, adding that Russia was ready to consider joining OPEC if its proposals were met.