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Lukoil to cut output by 300,000 bpd

27 April 2020 22:16 (UTC +04:00)

Russian oil company Lukoil is set to reduce its crude production by 300,000 barrels per day (bpd) under the new OPEC + arrangement, according to an internal document viewed by TASS on Monday. The country's larger private oil producer expects the Ministry of Energy and oil companies to reach a deal on the allocation of quotas for output cuts by the end of April, APA reports citing Breaking the News.

"We expect that Russian companies, including Lukoil, will reduce production on a proportional basis relative to the level of February - March 2020. As a result, we can reduce production by about 300 thousand bpd relative to the average daily production in February and March," the document said.