SOCHI (Sputnik) — The Russian oil company LUKoil intends to maintain the 2016 levels of oil production in 2017, the company’s CEO Vagit Alekperov said Friday.
“We will stabilize [oil] production at this level, at the level of 2016,” Alekperov told journalists.
30 September 2016, 10:48 GMT
LUKoil is Russia's second largest oil producer, as well as one of the largest oil companies in the world in terms of proven hydrocarbon resources, amounting to some 1.3 percent of global oil reserves. In 2016, it is planning to produce some 85 million tonnes of oil, according to its officials.
The statement came as the Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday to cut its oil production for the first time in eight years. The output ceiling was set at 32.5-33 million barrels a day, with further details of the deal to be unveiled at the group’s meeting in November.
