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Russian Lukoil to make 18% cut as part of OPEC+ deal

Lukoil expects oil price of $30 per barrel after start of OPEC+ agreement starting in May

Firdevs Yüksel   | 21.04.2020
Russian Lukoil to make 18% cut as part of OPEC+ deal Vagit Alekperov


Russia's second-largest oil producer Lukoil will reduce its output by 18%, equivalent to more than 40,000 tons per day as part of the new OPEC+ production cut deal, Russian Interfax news agency said on Monday citing the company's CEO Vagit Alekperov.

"And I think that we and all other companies will fulfill this amount, which was brought to us by the energy ministry," Alekperov said.

Lukoil expects an oil price of $30 per barrel after the start of the agreement.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing countries, known as OPEC+, agreed on April 12 to lower their collective oil production by 9.7 million barrels per day in May-June to trim some of the oversupply in the global oil market.

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