Russia's Lukoil Expects OPEC+ Oil Output Rollover in January

Reuters
Friday, December 17, 2021

Leonid Fedun, a vice president of Russian oil major Lukoil, said on Friday he expected OPEC+ to stick to its decision to raise oil production by 400,000 barrels per day (bpd) each month at its meeting in January.

OPEC and allies including Russia, known as OPEC+, are faced with a potential dent to demand from the fast-spreading Omicron coronavirus variant, and a decision by key oil consumers to release crude from stockpiles to try to curb fuel prices.

The group still stuck to its plans to raise combined oil production by 400,000 bpd at its meeting in early December. OPEC+ ministers are scheduled to meet next on Jan. 4.

"I don't see any deviations from the program," Fedun told reporters when asked about his expectations for the next OPEC+ meeting.

He also said Lukoil would not reach pre-pandemic oil output levels in April, when the OPEC+ deal is due to be phased out.

Earlier on Friday, Fedun said the company planned to increase its hydrocarbon production by 1.4-1.5% a year over the next 10 years.

Lukoil had said it expected output growth of 4% in 2021 without the West Qurna-2 project in Iraq.

Fedun reiterated Lukoil is aiming to achieve carbon neutrality by 2050 and planned to modernize its oil refineries in Europe in order to reach that target.

He also said an oil price of $60-$80 per barrel was comfortable for producers and consumers.

Separately, Interfax news agency quoted Lukoil's head Vagit Alekperov as saying the company would have used up its spare production capacity by April next year. 

(Reporting by Olesya Astakhova Writing by Vladimir Soldatkin Editing by Mark Potter)

Categories: Energy Industry News Activity Europe Production

Related Stories

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

CNOOC Starts Production at Offshore Field in South China Sea

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Turkey Discovers New Black Sea Gas Reserve

Indonesia's Medco Starts Production at Natuna Sea Fields

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com