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Lukoil does not plan to reduce oil output in Iraq in 2016-2017

December 19, 2016, 10:30 UTC+3
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MOSCOW, December 19. /TASS/. Lukoil has no plans to cut oil production in Iraq in 2016-2017, Head of Lukoil Vagit Alekperov told reporters.

"No, not yet. So far, we have not received such recommendations from the Government of Iraq," he said.

The company’s Vice President said earlier that Lukoil was in talks with Iraq on reducing oil production in the country.

Fedun said earlier that Russia’s largest private oil company Lukoil will freeze output, if the Organization of the Petroleum Exporting Countries (OPEC) makes such a decision at its November 30 meeting in Vienna and Russia joins it. "Yes, we’re ready for cuts, if there is a government directive," the vice-president said.

At the meeting of OPEC and non-OPEC countries in Vienna, the agreement on optimization of oil production was joined by 11 countries outside of OPEC.

OPEC member countries confirmed their intention to reduce oil production by 1.2 mln barrels per day, which together with the countries outside of the organization it will total 1.7-1.8 mln barrels per day.

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. Russia will cut its oil production by 300,000 bpd by April-May 2017, according to Novak.

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