ABU DHABI, November 12. /TASS/. Russia’s oil major Lukoil estimates the company’s losses from measures to stabilize prices on the fuel market at 8.5 bln rubles ($125.5 mln) for the past four months, Chief Executive Officer Vagit Alekperov said on Monday.

"Of course, we incur losses on the retail market, similar to all producers. Today our (Lukoil’s - TASS) losses for the four months that the fuel market has been stabilized… amount to around 8.5 bln rubles, that being loss of profits," he said.

Alekperov added that Lukoil plans no oil production cuts in 2019.

"We have not yet approved (production plan). I will not disclose figures, but definitely no decline (is planned)," he said, adding that the issue was about production in Russia.

Speaking about overseas projects, Alekperov said that Lukoil plans an increase of output. "Today the company targets acquisition of assets and participation in consortiums. Particularly, here, in Abu Dhabi," he explained, noting that crude production has been increased by around 30,000 barrels per day at Lukoil’s Russia-based projects as part of OPEC+ agreement since June.

According to Alekperov, the company is looking for new projects in West Africa, particularly, it is negotiating with Eni the possibility of entering a project in Nigeria.

Earlier Alekperov said that Lukoil’s crude production is expected at 86 mln tonnes in 2018. In 2017, the company produced 87.4 mln tonnes of oil, with 81.9 mln tonnes produced in Russia.