Russia’s Lukoil backs OPEC production cut extension

17 Mar 2017   Russia

It’s reasonable to give serious consideration to extending a production agreement led by OPEC, the head of Russian oil company Lukoil said Thursday. Russia is contributing as a non-member state to an effort steered by the Organization of Petroleum Exporting Countries that aims to correct an oversupplied market through managed production declines. Russian Energy Minister Alexander Novak chaired a joint meeting with OPEC in December that called for voluntary managed declines from non-member states. The terms of the OPEC agreement, which went into force in January, extend for six months, with the option for an extension based on market conditions. Lukoil President Vagit Alekperov said he will look for clarity on the issue when the major producers meet again later this […]

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