Russian oil producer Lukoil said its oil production for 2016 was 8.6 percent lower than in 2015, but higher for the fourth quarter by about 2.5 percent. Excluding work in Iraq, Lukoil reported the full-year 2016 production of 674 million barrels was a 9 percent decline year-over-year. Fourth quarter production was reported at 162 million barrels, up 2.5 percent from the previous term. Lukoil in a statement said its production from the fourth quarter excluded volumes from the West Qurna-2 project in Iraq. Production there saw dramatic declines both in year-on-year figures and for the fourth quarter. “Oil production dynamics outside of Russia were influenced by the divestment of our share in Caspian Investment Resources Ltd. in Kazakhstan in 2015, as well as a decrease […]