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

Qatar LNG Exports Cut 17% After Missile Strikes, $20B Revenue Loss Expected

US Oil Shield Starts Showing Cracks as Iran War Drives Prices Higher

Eni: New Gas Discoveries in Libya

IEA Unleashes Record 400M Barrel Oil Stockpile Release Amid Iran War Disruptions

Oil Drops 7% After Trump Predicts War Could End Soon

Governments Move to Shield Economies as Oil Jumps 25%

Subsea7 Extends Engagement on Türkiye’s Sakarya Field with New Deal

Oil Prices Go Up 3% as Iran Crisis Disrupts Supply

Transocean-Valaris Tie-Up to Create $17B Offshore Drilling Major with 73 Rigs

CNOOC Launches New Offshore Oil Development in Southern China

Current News

CNOOC Names New CEO

Qatar LNG Exports Cut 17% After Missile Strikes, $20B Revenue Loss Expected

China’s Sinopec Plans to Skip Iranian Oil, Tap Strategic State Reserves

IEA Weighs Further Oil Stock Releases as War on Iran Continues

ADNOC Gas Adjusts LNG Output Amid Hormuz Disruptions

US Oil Shield Starts Showing Cracks as Iran War Drives Prices Higher

US to Deploy Amphibious Assault Ship, Marines to Middle East

Indian Gas Tankers Prepare to Sail Through Strait of Hormuz

Offshore Vietnam: Energy Imports Rise as Domestic Production Falls

Eni Advances Major Deep Water Gas Hubs with Dual FIDs

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