Lukoil sees its Russian oil output at 1.6 mln bpd by end-Q1 2022
Lukoil expects its output in Russia to reach 220,000 tonnes per day (1.6 million barrels per day) by the end of the first quarter of 2022, Interfax cited a company manager as saying.
That would mean Russia’s second-largest oil producer would top the level of some 1.47 million barrels per day (bpd) it reached last year, as OPEC+ oil-producing nations ease curbs on output.
OPEC+ – which groups the Organization of the Petroleum Exporting Countries and allies led by Russia – agreed in July to phase out record production cuts by increasing output by 400,000 bpd per month.
Interfax also cited Lukoil first vice-president Azat Shamsuarov as saying the company was ready to increase production further, depending on market conditions.
Source: Reuters (Reporting by Vladimir Soldatkin; editing by Jason Neely)