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Russian oil companies to cut output proportionally

Oil&Gas Materials 14 December 2016 16:07 (UTC +04:00)
Russian oil companies will reduce their output in line with the proportion they have in total oil production in the country, Ravil Maganov, the first executive vice-president of Russia’s LUKOIL, said Dec. 14.
Russian oil companies to cut output proportionally

Baku, Azerbaijan, Dec. 14

Trend:

Russian oil companies will reduce their output in line with the proportion they have in total oil production in the country, Ravil Maganov, the first executive vice-president of Russia’s LUKOIL, said Dec. 14, Sputnik International reports.

“Everyone will cut [oil production] proportionally with their shares in total output,” Maganov told reporters after a meeting of representatives of Russian oil companies with the country’s energy minister Alexander Novak.

Earlier in December, Russian oil companies confirmed their readiness to participate in an OPEC agreement on oil output cut.
On Dec. 10, OPEC finished a two-day meeting with non-OPEC countries in Vienna, Austria. The non-OPEC countries decided to cut oil output by 612,000 barrels per day, with Russia cutting output by 300,000 barrels per day. In November, OPEC agreed to cut oil production by 1.2 million barrels per day across the cartel.

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