Lukoil exec sees Russian oil output falling 5-20 mln tns Jul–Dec

MOSCOW, Mar 3 (PRIME) -- Russia’s oil output will fall by 5-20 million tonnes starting from July–December due to lower investments, Leonid Fedun, vice president for strategic development of Lukoil, said during a conference call on Tuesday.

“All Russian companies have reduced their capital expenditures to varying degrees, and we see that the number of drilling brigades in Russia will also fall, which will result in a 5 to 20 million tonne oil output decrease,” Fedun said.

Fedun said he does not rule out oil price growth to U.S. $100 until the end of 2015.

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