Lukoil: Russian private oil firms to limit output if necessary

SOCHI, Sep 30 (PRIME) -- Private oil companies will join the initiative to limit oil production in the country if Russia makes such decision, oil major Lukoil CEO Vagit Alekperov told Rossiya 24 television channel on Friday.

“We wait for the end of November when precise quotas (of OPEC), a precise validity period of these agreements will be defined. We hope this will push oil prices up,” he said.

“In any case, we all are consolidated, we all are interested in the oil price to be fair, in collections both to funds of private companies and the state budget to be big, that’s why we will adhere to the policy that will be developed by our energy ministry,” he said.

Energy Minister Alexander Novak said that Russia will make its proposals for over the oil market stabilization after it receives proposals from OPEC. Certain parameters of production stabilization will be developed in October–November, he said.

OPEC agreed to limit daily oil output at 32.5–33.0 million barrels at an informal meeting on Wednesday. Ceilings for each country will be defined at the organization’s next official meeting on November 30 in Vienna.

Alexei Kudrin, former finance minister and current head of the Center for Strategic Research, believes the reached agreement will allow to stabilize oil prices for one to two years, but doubts that all countries will fulfill the agreements.

End