Russian oil companies may sign joint protocol on stabilizing output

Russia’s oil companies under the auspices of the Energy Ministry may sign a joint protocol on stabilizing oil production, and Lukoil is ready to do it, its CEO Vagit Alekperov told reporters today.

“If we want to participate in the process, we should take an active position and like them stabilize the production due to signing a joint protocol under the auspices of the Energy Ministry by all companies and on production volume on a certain date. Our company is ready for this,” Alekperov said.

The agreements reached by OPEC on stabilizing oil output will contribute to keeping the oil price at the level of $50 per barrel rather than to its growth:

“The price is already above $50 (per barrel), this is the price that makes investments in shale oil and gas efficient. It stabilizes at the level of $50 and we will wait for the November meeting.”

OPEC member nations, which gathered for an informal meeting in the framework of the 15th international energy forum in Algiers, reached an agreement on Wednesday to freeze daily crude oil output at 32.5-33 million barrels.

According to OPEC President Mohammed Bin Saleh Al-Sada, a special commission will be set up within OPEC to set individual production level for each of the organization’s member countries.

Source: TASS

Author: zeina

Share This Post On

Submit a Comment

Your email address will not be published. Required fields are marked *


Pin It on Pinterest

Share This

Share This

Share this post with your friends!