Lukoil’s head of investor relations Alexander Palivoda, as quoted by news agency Interfax, said that in May, Russia would cut its oil output by 19% to 8.5 million bpd from its February-March level.
Lukoil has to cut its Russian output by 300,000 bpd next month from the February level. The company’s activities in other countries would not be affected by the quota.
Previously this month, Reuters reported that the country’s energy ministry had ordered Russia’s domestic producers to execute an output cut of 20% from the level reached in February.
Russian oil output cut is in line with the supply cut deal between the Organization of the Petroleum Exporting Countries and its non-member oil producer countries (OPEC+).
