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Lukoil supports extension of oil production cut agreement

May 16, 21:04 UTC+3 MOSCOW

"This agreement helped to raise the oil price by 10-15 dollars," Lukoil's Vice President Leonid Fedun said

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MOSCOW, May 16. /TASS/. Russian oil major Lukoil supports the extension of the agreement on oil production reduction, as it already ensured the growth of the oil price by $10-15 per barrel, the company’s Vice President Leonid Fedun told TASS.

"We support it. The quotas for the reduction of production are set by the Russian government, our share in reduction of production is about 50,000 barrels per year. This is our share, and I think this is very correct, I have always been in favor of it. This agreement helped to raise the oil price by 10-15 dollars," he said.

Fedun said that, in view of the extension of the agreement on the reduction of oil production, Lukoil predicts an oil price of $55-60 per barrel.

"55-60 that is the approximate level that suits both oil producers and consumers," he said.

Russia is ready to extend its participation in the contract to reduce oil production for another 9 months - until the end of March 2018, Russian Energy Minister Alexander Novak said recently. The statement was made in Beijing jointly with Saudi Energy Minister Khalid al-Falih.

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