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MOSCOW, Jun 9 (PRIME) -- Russian oil company Gazprom Neft hopes that the OPEC deal participants will decide to raise the production limit at a meeting in June, CEO Alexander Dyukov told channel Rossiya 24 in an interview broadcast on Saturday.
“We expect as well that this (decision to raise oil production) will be made,” Dyukov said.
“And we think this is an absolutely correct step. We see that the prices are high, about U.S. $75–80 per barrel, and the market is close to being overheated.”
Gazprom Neft can raise oil production by 5,000 tonnes a day in one to two months if it is allowed to, Dyukov said. If the deal terms remain, Gazprom Neft plans to raise its hydrocarbon production by 1.5–2.0% and keep its oil output in 2018 at the level of 2017.
In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.
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