RUSSNEFT REDUCED PRODUCTION BY 4% UNDER VIENNA AGREEMENT

ST.PETERSBURG. PJSC “RussNeft” production has fallen by 4% under the agreement on oil production cut, though the Company is ready to resume its former production any minute, Mikhail Gutseriev said at SPIEF-2017.

“We have 4% production fall. Should the price be okay and we quit the OPEC agreement, we are ready to recover our previous position very fast”, Gutseriev told Rossiya-24, while commenting on how the agreement between oil producing countries affected PJSC “RussNeft”.

OPEC and a number of non-member countries agreed in Vienna in late 2016 on cutting their production cumulatively by 1.8 mln bpd from the October rate, with Russia cutting its production by 300 thousand bpd. The agreement was concluded for H1 2017 with an option for extension. In May, its term was extended for 9 months until the end of March 2018.