Lukoil stands for gradual reduction of oil production in Russia as part of OPEC + deal

Lukoil oil major is ready to cut oil production if Russia agrees to do this as part of the OPEC + deal, the company's CEO Vagit Alekperov told reporters.

However, according to him, the company can cut production only gradually, because harsh weather conditions in Western Siberia hamper this.

"We have one limitation - the weather conditions in Western Siberia. Therefore, the ministry’s instruction (if Russia decides to cut production - TASS.) cannot be implemented right away. But, of course we can do it gradually," he said, TASS reported.

He also said that his company believes that if OPEC+ decides to cut oil production Russia should be given the opportunity to do it gradually.

"The reduction should be smooth, just like last year," he said. At the same time, Alekperov did not say how quickly this could happen.