Rosneft says to boost upstream investment as OPEC+ softens deal

MOSCOW, Aug 7 (PRIME) -- Russian oil major Rosneft plans to raise its upstream investment in the wake of a recent softening of an oil production cut agreement between OPEC and non-OPEC states, it said in a presentation on Tuesday.

In May, the company announced the plans to reduce the 2018 investment program by 800 billion rubles.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

(63.4975 rubles – U.S. $1)

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