Rosneft says demand starts to recover in Europe, Asia

MOSCOW, May 15 (PRIME) – A fall of oil demand in Europe and the Asia-Pacific Region slowed down to 22% and 12% respectively year-on-year in May from 28% and 18% in April, Russian oil major Rosneft said in a presentation on Friday.

The company also said it will continue development of new oil fields regardless of the OPEC+ deal.

“Rosneft’s approach to production cuts: asset selection (to cut production) based on economic efficiency; continued development of new fields; efficient long-cycle well works to be continued according to schedule; efficient well stock management,” the presentation read.

The company said that it limits flow rates of wells without any shut-ins, ensures recurring well operations, and optimizes the well works program on the existing well stock.

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