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Russia's Lukoil ready to join decision on limiting oil production

December 09, 2016, 15:36 UTC+3 MOSCOW
Non-OPEC countries are expected to cut crude production by 600,000 barrels per day in 2017, including a reduction of 300,000 barrels per day by Russia
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© AP Photo/Fernando Llano

MOSCOW, December 9. /TASS/. Lukoil is ready to join Russia’s decision to fulfill commitments to reduce oil production, Head of the company Vagit Alekperov told reporters.

"The agreement at the OPEC summit is a natural reaction of producers to the situation. Lukoil supports the position of the Energy Ministry and ready to join Russia’s decision," he said.

The company’s Vice President Leonid Fedun said that Lukoil expects that the Russian government will pay compensation to major oil companies due to reduction of oil production.

"We still expect that there should be a special regulatory document, a government decree, which will assign tasks for each oil producer, maybe some compensatory measures. Since freezing of oil production requires certain costs, we dare to hope there will be some kind of compensation for companies," he said in an interview with Rossiya 24 TV channel.

On November 30, 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.

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