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MOSCOW, Russia -- Russia has bowed to international pressure and is to cut its oil exports.

It will reduce exports by 150,000 barrels per day from January 1, 2002, the government says.

The decision follows lobbying from the Organization of Petroleum Exporting Countries (OPEC).

Crude oil prices rallied as a result. Brent crude for January delivery to rise 69 cents to $19.98 a barrel in early trading on London's International Petroleum Exchange.

Dealers say the cut is the bare minimum OPEC will accept. The cartel is leading a drive to cut production in an effort to boost prices.

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Crude oil prices have dropped 25 percent since mid-September, as demand has languished. OPEC wants to cut its daily maximum production, currently at 23.2 million barrels, by 1.5 million barrels.

Last month, Russia disappointed OPEC when it offered a cut of just 50,000 barrels per day out of a production of more than seven million.

Russia is the world's second biggest exporter after OPEC member Saudi Arabia.

Non-OPEC countries have said they will trim production to help bolster the sagging oil price. Norway, the third largest exporter, has offered up to cut 200,000 barrels a day and Mexico has said it will cut 100,000 barrels a day.