It will be difficult for Russia's Gazprom Neft company to produce the target 100 million tonnes of oil equivalent (TOE) in 2020, if the OPEC-non-OPEC oil output cut agreement is extended beyond April 1, 2020, the company's CEO, Alexander Dyukov, said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 25th December, 2019) It will be difficult for Russia's Gazprom Neft company to produce the target 100 million tonnes of oil equivalent (TOE) in 2020, if the OPEC-non-OPEC oil output cut agreement is extended beyond April 1, 2020, the company's CEO, Alexander Dyukov, said on Wednesday."Yes, we certainly set such a task for ourselves, the only thing we need to understand is that, of course, if the OPEC-non-OPEC agreement is valid after April 1, it will be physically difficult for us to achieve this goal, but we will be very close [to this target]," Dyukov told reporters when asked about the company's plans to reach the target level of production of 100 million tonnes of oil equivalent in 2020.
In October, Gazprom Neft Deputy Chairman of the Management board, Vadim Yakovlev said that the company still planned to produce 100 million tonnes of oil equivalent in 2020, but noted that specific figures would depend on the terms of the OPEC-non-OPEC agreement.
Earlier in December, the company said it expected an increase in hydrocarbon production by 3.3 percent in 2019, up to 96 million tonnes of oil equivalent.
OPEC and several non-cartel members have been reducing oil production since 2017 to counter oversupply on the global market. Earlier in December OPEC+ nations took the decision to further reduce oil production by a total of 500,000 barrels per day until the end of the first quarter of 2020.
