Vagit Alekperov: Lukoil stands for gradual reduction of oil output

Lukoil CEO Vagit Alekperov said that the company is ready to cut oil production if Russia agrees to do this as part of the OPEC + deal.

According to him, Lukoil 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 cannot be implemented right away. But, of course we can do it gradually," TASS cited Lukoil CEO as saying.

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,"  Alekperov added.

The meeting of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) was held in Vienna yesterday. The participants agreed to recommend OPEC members to cut output in the first half of 2019. Production will be cut by around 1 mln barrels per day. Ministers of OPEC countries will consider the recommendation on Thursday, non-OPEC states - on Friday.