MOSCOW, August 31. /TASS/. The oil market is recovering as business activity resumes, at a rate almost at the pre-crisis level. Lukoil is ready to further ramp up oil production under the effect of softened OPEC+ restrictions, the Russian oil producer said after a Board meeting.
The Board listened to the report of President Vagit Alekperov, who noted that the increase in hydrocarbon consumption and lowered commercial inventories of oil and petroleum products was evidence the recovery of the global business activity. Price volatility risks abate at the same time owing to the OPEC+ agreement, Alekperov said.
"Lukoil has already brought on stream more than a half of the wells halted in May 2020 and will continue scaling up oil production in Russia in line with the evolution of external restrictions," the company noted.
Lukoil reported recently the increase in oil production by 2.5% quarter-on-quarter to 19.5 mln tonnes as of the end of the second quarter against the background of softened OPEC+ constraints. Hydrocarbons production gained 4.2%.
The company slashed 310,000 barrels daily since May 2020 in the context of the OPEC+ deal but has already restored 130,000 barrels daily from them by March 2021.