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Lukoil oil production down by 40,000-45,000 barrels per day — CEO

ST.PETERSBURG, June 1 / TASS / Russian oil giant Lukoil has currently reduced oil production by 40,000-45,000 barrels per day, to comply with requirements of the international agreement on production reduction, Vagit Alekperov told Russian news channel Rossiya 24 on Thursday at the 2017 St. Petersburg International Economic Forum.

Alekperov also noted that, according to the forecasts of Lukoil's specialists, the average annual price for oil in 2017 will be kept within $ 55 per barrel, and the oil market may become stable in 9 months’ time.

At the end of 2016, OPEC and 11 non-member countries, including Russia, agreed in the first half of 2017 to reduce the average daily oil production by 1.8 million barrels (relative to October 2016 level of production).

Russia, in particular, committed to reduce production by 300,000 barrels per day.At the meeting in Vienna on May 25, all of the agreement members concerted to extend it until April 2018. The country quotas will remain the same.