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Russia's Deputy Prime Minister, Igor Sechin has said that the country has no plans to cut oil production or oil exports over the next three years.

Sechin, who overseas the fuel and energy sector, said at current prices there was no need for Russia to reduce oil exports, especially with demand from China and India.

"I spoke in December about the possibility of lowering supplies. The price was in the region of $40 a barrel. Now, prices have risen to $60-65 and there's no economic basis for cutting exports," he said, adding that companies would now be able to offset some of their previous losses.

"We have no plans to reduce oil production in the next three years," Sechin told reporters. He added, however, that output could decline if producers fail to make the necessary investments.

Russia increased the export duty on crude oil by 11 percent to USD 152.8 from USD 137.7 per metric tonne from June 1st, in line with global oil market trends.

Meanwhile, export tax on heavy products including fuel oil was increased by 15 percent from $56.6 to $65.1 per tonne.

Duties on exports of light refined products, such as gasoline and gasoil, rose to $115.2 from $105.1 per tonne.

Russia's oil export tax is revised on a two-monthly basis and based on the previous two-month average price for Urals, the country's benchmark export blend