Oil Companies Not Yet Given Exact Quotas On Oil Output Under New OPEC+ Cuts - Lukoil

Oil Companies Not Yet Given Exact Quotas on Oil Output Under New OPEC+ Cuts - Lukoil

New quotas on oil production for companies under the OPEC+ deal have not yet been determined, but after the restrictions are lifted, as Russia's Lukoil expects, the company will significantly increase production medium-term, Lukoil Vice President for exploration and development Ilya Mandrik said on Tuesday

MOSCOW (Pakistan Point News / Sputnik - 10th December, 2019) New quotas on oil production for companies under the OPEC+ deal have not yet been determined, but after the restrictions are lifted, as Russia's Lukoil expects, the company will significantly increase production medium-term, Lukoil Vice President for exploration and development Ilya Mandrik said on Tuesday.

On December 6, the alliance of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers agreed to further cut outputs in the first quarter of 2020 by 500,000 barrels per day. Azerbaijan and Saudi Arabia pledged to cut additional 7,000 barrels and 400,000 barrels per day, respectively. Russia will have its oil production limited to 300,000 barrels per day in Q1 2020.

"The next declared cut has not yet been converted into precise quotas per company," Mandrik said.

He added that Lukoil "counts on that the restrictions will be temporary and lifted sooner rather than later," in which case the company will be able to significantly boost middle-term oil production.