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Lukoil doesn’t see need for Russia to withdraw from OPEC oil production cut agreement

Earlier on Wednesday, Lukoil’s CEO Vagit Alekperov said that he supports the Energy Ministry’s initiative to extend production reduction for another nine months

MOSCOW, May 17. /TASS/. Russian oil major Lukoil doesn’t see the need for Russia to withdraw from the OPEC deal on reduction of oil production yet and doubts that the mechanism for withdrawing from the agreement can be developed, the company’s first executive vice-president Ravil Maganov told reporters.

"Lukoil will support everything that the owner of the mineral recourses - the state - tells us. But I do not think such a mechanism will be developed. It is very clear to us that the restriction gives a certain result. And, probably, today it is pointless to take unnecessary actions in this situation," he said, answering a question from TASS whether Lukoil would support the idea to develop a mechanism for Russia's withdrawal from the agreement with OPEC.

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Earlier on Wednesday, Lukoil’s CEO Vagit Alekperov said that he supports the Energy Ministry’s initiative to extend production reduction for another nine months.

At the same time state-run oil company asked the ministry to develop a mechanism for gradual withdrawal from the deal after the agreement expires in March 2018. He added that the extension of the agreement is "comfortable for Rosneft."

In early December 2016, OPEC countries and eleven non-OPEC nations agreed to slash the total oil production by 1.8 mln barrels per day in the first half of this year in order to cut global oil stocks to the latest five-year average. Russia has made a commitment to cut its crude production by 300,000 barrels per day starting January 1, 2017 versus October 2016, or 2.7%, as part of the oil output cap deal with OPEC. The official talks between OPEC and Russia regarding the extension of the deal are expected at the meeting in Vienna on May 24-25.

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Russia hit Ukrainian military-industrial facility in response to use of Western missiles

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Andrey Kartapolov added that the special military operation in Ukraine "will continue its course until all tasks are completed"

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Zelensky’s actions make Ukraine vulnerable to coup, says politician

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IN BRIEF: What Putin said about Russia’s new missile, and Moscow’s response to the West

Moscow used its new Oreshnik medium-range hypersonic ballistic missile in response to the West’s decision to authorize strategic-depth strikes on Russia

Moscow hopes West will thoroughly analyze Russia's nuclear doctrine — ambassador

Andrey Kelin also recalled that the policy of the Russian leadership enjoys the full support and confidence of the country's population

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Russian forces successfully advancing in all areas in special military op zone — Putin

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Ukraine was warned about possible missile strike — Pentagon

Department of Defense Deputy Press Secretary Sabrina Singh gave no answer to the question of how could Ukraine prepare for this kind of attack

West irrational, fails to understand it cannot intercept Russia's new missiles — Kneissl

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NATO enters conflict, Russia has every right to attack its targets now — expert

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US not seeking confrontation with Russia, but will continue assistance to Kiev — Pentagon

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Decision on strikes inside Russia seals US puppet Zelensky’s fate — commentator

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