LUKoil Signals Intent to Cut Oil Output by 25,000 Barrels – Iraq Oil Minister

Iraq has asked Russian oil major LUKoil to reduce production at local oilfields and there are indications that the firm is ready for a daily cut of 25,000 barrels, Iraqi Oil Minister Jabar Ali Luaibi told Sputnik at the St. Petersburg International Economic Forum (SPIEF).

ST. PETERSBURG (Sputnik) —  Russia's LUKoil produced 92 million metric tons of oil last year, an 8.6-percent drop compared with 100.7 million tons the previous year.

Oil production overseas by the end of 2016 decreased by 13.8 percent to 3.751 million metric tons, including due to the decrease in volume from the West Qurna-2 project.

"Yes, earlier indirectly we have [received] response from LUKoil that they are prepared to go down 25,000 barrels per day," he said in reply to the question whether he made such a request at last month’s talks with OPEC and non-OPEC member states.

LUKoil's fourth-quarter 2016 production grew by 0.7 percent from the third quarter, totaling 22.69 million metric tons, it added in the statement. The company's oil production in Russia by the end of 2016 decreased by 2.8 percent to 83.177 million tons.