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Russia's Lukoil CEO says not ready to reduce oil output - RIA
September 30, 2016 / 5:45 AM / a year ago

Russia's Lukoil CEO says not ready to reduce oil output - RIA

MOSCOW, Sept 30 (Reuters) - Lukoil, Russia’s second biggest oil producer, is not ready to reduce its oil output but will join oil market stabilisation measures if Russia joins them, RIA news agency quoted Lukoil Chief Executive Vagit Alekperov as saying.

TASS news agency also cited Alekperov as saying that all Russian oil producers could sign a protocol on stabilising oil production. It later clarified in Alekperov’s quote that he was talking about the need to sign such a protocol in case Russia decides to join the process of output stabilisation.

Oil producers’ cartel OPEC agreed on Wednesday to limit its output to 32.5-33.0 million barrels per day (bpd) to prop up weak crude prices. (Reporting by Maria Kiselyova; writing by Polina Devitt; editing by Dmitry Solovyov)

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