Lukoil oil output without West Qurna-2 falls by 9% in Jan–Sep

MOSCOW, Nov 10  (PRIME) -- Oil production of Russian oil company Lukoil decreased by 9% on the year to 58.5 million tonnes in January–September, excluding production at the West Qurna-2 field in Iraq, the company said in a statement on Tuesday.

In July–September, the output dropped 3% on the quarter to 18.2 million tonnes.

The reduction is linked to the OPEC+ agreement signed in April, which resulted in lower production both in Russia and beyond, the company said.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Later, the cut was prolonged at 9.7 million barrels per day for July, and narrowed to 7.7 million barrels per day for August–December, and then to 5.8 million barrels per day until May 2022. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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