Russia's LUKoil Says Increased Output by 30,000 BOE/D in August Amid Eased Oil Cuts Deal
Russia's LUKoil oil and gas company said on Wednesday it had increased its production by 30,000 barrels of oil equivalent per day (BOE/D) in August after the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members agreed to raise oil output.
MOSCOW (Pakistan Point News / Sputnik - 29th August, 2018) Russia's LUKoil oil and gas company said on Wednesday it had increased its production by 30,000 barrels of oil equivalent per day (BOE/D) in August after the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members agreed to raise oil output.
"In June 2018, the OPEC+ countries agreed to increase oil production quotas, which has ultimately led to a hike in the group's [LUKoil] production by 30,000 BOE/D in August," the company's documents showed.
Russian Energy Minister Alexander Novak said in July that Russia decreased its oil production by 120,000 barrels per day in June compared to the levels of October 2016 and by 40,500 barrels in July under the Vienna oil output cuts deal.
OPEC and several non-OPEC oil producers reached a deal in Vienna in 2016, agreeing to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. In June, the deal participants agreed to boost oil output by 1 million barrels per day.