RUSSNEFT ANNOUNCED FULFILLMENT OF ITS COMMITMENTS TO OIL PRODUCTION CUTS
By the mid-April, PJSC “RussNeft” fulfilled its obligations to cut the oil production under the agreement between the Russian Federation, OPEC countries and non-OPEC countries which had adhered to this agreement, company press service informs.
As stated by RussNeft, 2017 operation plan of the Company included the amendments to the production pattern in order to increase the profit margin. First of all, it relates to the shutdown of the inefficient wells.
As the Company planned, target production level for this year would not be lower than in 2016.
According to the Central Dispatch Department of the Fuel and Energy Complex, RussNeft production decreased by 2.85%, from 19.64 thousand tonnes per day to 19.08 thousand tonnes per day.
Following the agreement with OPEC, Russia would reduce the production by 300 mb/d from October level, which was 11.247 mmb/d.