December 5, 2018 / 2:57 PM / 8 days ago

Russia's Gazprom Neft sticking with plan to raise oil output in 2019

Smoke billows from a fire at oil refinery, owned by Russian oil producer Gazprom Neft, in Moscow, Russia, November 17, 2018. REUTERS/Tatyana Makeyeva

MOSCOW (Reuters) - Russian oil producer Gazprom Neft (SIBN.MM) will keep its plan to raise oil output by 50,000 barrels per day in 2019 regardless of the outcome of talks between OPEC and other oil producers, Alexander Dyukov, the company’s head, said on Wednesday.

He added some production cuts on the global oil market were warranted, at least until the second quarter of next year, in order to balance the market.

The Organization of the Petroleum Exporting Countries and other leading oil producers led by Russia are gathering in Vienna this week to work out their joint strategy for next year.

Reporting by Oksana Kobzeva; Writing by Vladimir Soldatkin; Editing by Mark Potter

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