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

Inpex Eyes Mid-Year Bids for $21B Indonesia LNG Project

Eni Nears FID for Indonesia’s Offshore Gas Projects

Inpex Secures Environmental Approval for Indonesia’s Abadi LNG Project

DUG Hooks Multi-Client Seismic Reprocessing Survey off Malaysia

Seadrill Firms Up Offshore Drilling Workload with Multi-Region Contract Awards

Saipem Lands $425M Turkish Gas Contract in Sakarya Expansion

India Seeks $30B from Reliance, BP Over Gas Shortfall at Offshore Fields

Saipem Nets Multibillion-Dollar Job at World's Largest Offshore Gas Field

Finder Energy Buys Petrojarl I FPSO for Timor-Leste Oil and Gas Projects

ABL to Support Platform Installations, Rig Moves for Chevron in Gulf of Thailand

Current News

QatarEnergy Selects Technip Energies JV for North Field West Expansion Work

Velesto Lands Jack-Up Drilling Deal with Jadestone off Malaysia

Inpex Eyes Mid-Year Bids for $21B Indonesia LNG Project

Eni Nears FID for Indonesia’s Offshore Gas Projects

GLO Marine to Invest $7M in New Vessel Retrofit Hub in Romania

Seatrium Targets $40M Cost Savings in Continued Divestment Drive

Inpex Secures Environmental Approval for Indonesia’s Abadi LNG Project

MISC Secures Long-Term Charter for Papua New Guinea's First FSO

Dolphin Drilling, Vantris Ink Marketing Deal for Blackford Dolphin Semi-Sub

Saipem Agrees $272M Deal to Acquire Deep Value Driller Drillship

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