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Lukoil CEO does not rule out further oil output reduction unless market stabilizes

December 02, 2016, 11:23 UTC+3 MOSCOW

On Wednesday, OPEC countries agreed to cut oil production to 32.5 mln barrels per day

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MOSCOW, December 2. /TASS/. Oil-producing countries may invocate another cut in crude oil production if the OPEC recent decision fails to push the prices up, CEO of Russia’s oil major Lukoil said in an interview aired by the Rossiya-24 TV news channel on Friday.

"We’re going to see stabilization now. If it does not work further steps will be taken, maybe a reduction of output. Why should we make a product if it’s not demanded on the market?" Vagit Alekperov said, adding that all countries are interested in a fair oil price.

On Wednesday, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries will reduce their daily average output by 1.164 mln barrels starting January 1, 2017.

Now OPEC will have to make a similar deal with non-OPEC members. The cartel expects them to cut crude production by 600,000 barrels per day in 2017, including a reduction of 300,000 barrels per day by Russia.

The meeting that is likely to see this agreement made will be held on December 9.

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