Lukoil says oil output rises by 2.8% in October–December

MOSCOW, Feb 8 (PRIME) – Oil production of Russian oil company Lukoil grew by 2.8% on the quarter to 18.8 million tonnes in October–December 2020, the company said in a statement on Monday.

In the whole of 2020, production decreased by 10% on the year to 77.206 million tonnes, excluding production on the West Qurna-2 field in Iraq on the back of an OPEC+ agreement signed in April 2020, which led to production cuts.

The OPEC+ countries agreed to reduce their oil output by 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. The cut was narrowed to 7.7 million barrels per day for August–December 2020, 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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