Sector News

Russia’s Lukoil CEO says not ready to reduce oil output

October 3, 2016
News

Lukoil, Russia’s second biggest oil producer, is not ready to reduce its oil output but will join oil market stabilisation measures if Russia joins them, RIA news agency quoted Lukoil Chief Executive Vagit Alekperov as saying.

TASS news agency also cited Alekperov as saying that all Russian oil producers could sign a protocol on stabilising oil production. It later clarified in Alekperov’s quote that he was talking about the need to sign such a protocol in case Russia decides to join the process of output stabilisation.

Oil producers’ cartel OPEC agreed on Wednesday to limit its output to 32.5-33.0 million barrels per day (bpd) to prop up weak crude prices.

By Maria Kiselyova

Source: Reuters

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