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Russia's Lukoil opposes prolonged global oil output cuts

Published 23/01/2019, 13:44
Updated 23/01/2019, 13:45
© Reuters. FILE PHOTO: A gas torch is seen at the Filanovskogo oil platform operated by Lukoil company in Caspian Sea

© Reuters. FILE PHOTO: A gas torch is seen at the Filanovskogo oil platform operated by Lukoil company in Caspian Sea

MOSCOW (Reuters) - The global oil output cut should not be prolonged, the head of Russia's second biggest oil producer, Lukoil (MM:LKOH), said on Wednesday, Interfax news agency reported.

Lukoil would have to cut its output by 30,000 barrels per day by April under the OPEC and non-OPEC oil deal, but it could still maintain full-year oil output in 2019 at the same level as in 2018, Vagit Alekperov told reporters on the sidelines of the World Economic Forum in Davos, according to Interfax.

© Reuters. FILE PHOTO: A gas torch is seen at the Filanovskogo oil platform operated by Lukoil company in Caspian Sea

Alekperov also said that the current oil price of around $60 per barrel was satisfactory for Russia's budget and for Russian oil companies.

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