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

May 17, 21:40 UTC+3 MOSCOW

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

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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.

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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