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World oil prices

Lukoil CEO doubts deeper quotas on oil production cut within OPEC deal are necessary

The quota of oil output cut by the OPEC countries and 11 independent oil producers remained the same - 1.8 million barrels per day

© Sergei Bobylev/TASS

ST. PETERSBURG, June 2. /TASS/. Russian oil producer Lukoil doubts that deeper quotas on oil production cut within OPEC deal are necessary, Chief Executive Officer Vagit Alekperov said at the St. Petersburg International Economic Forum.

Read also

OPEC extends agreement on oil production cut

"I don’t think it will be necessary," he said, adding that a nine-month period is enough to thoroughly analyze the situation.

"The first quarter [of 2018 - TASS] will show to what extent the market has balanced, how fast shale oil production will be rising, and how fast crude oil production will be rising, which will allow to take a consolidated decision," the CEO added.

Alekperov also said this is the first time in his 50-year career that he has had to take a decision to cut production.

"This is a tough choice for me, but I realize that it is aimed at supporting the industry," he said.

Read also

Energy Ministry: Russian oil producers won't be compensated for extending output cut deal

On May 25, OPEC and non-OPEC countries agreed in Vienna to extend the existing level of oil production cut (1.8 mln barrels daily) until April 2018.

The quota of oil output cut by the OPEC countries and 11 independent oil producers remained the same - 1.8 million barrels per day (Russia accounts for 300,000 barrels).

In December 2016, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 million barrels per day from the oil market in the first half of 2017. The goal of the alliance is to reduce global oil reserves to an average level of five years.

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Lukoil Oil price OPEC SPIEF-2017

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