ALMETYEVSK, Tatarstan Republic, Jun 21 (PRIME) -- Russian oil producer Tatneft forecasts that oil output restrictions under an OPEC plus nonmember agreement will remain after 2019, CEO Nail Maganov said at an annual shareholder meeting on Friday.
“We forecast with a high degree of certainty that the agreement will be prolonged not only for the second half of 2019 but for a longer period” Maganov said.
The company has the potential for output growth, and production will amount to up to 30 million tonnes in 2019 if the OPEC plus deal is prolonged.
In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018.
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