Gazprom Neft’s output to rise even if OPEC+ deal prolonged

MOSCOW, Nov 15 (PRIME) -- Gazprom Neft, the oil branch of Russian gas producer Gazprom, plans to boost crude output in 2018 even if an oil production cut agreement between OPEC and non-OPEC states is prolonged until the end of the year, Deputy CEO for Economy and Finance Alexei Yankevich said on Wednesday.

“As to the plans for the next year, we are considering various scenarios, but even in case of a tough scenario of the OPEC+ deal prolongation we plan a slight growth. It will be lower than this year, less that the 3.7% planned for this year, but we will have it,” he said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May.

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