Vagit Alekperov: wrong to deepen oil output cuts in winter

Chief executive of Lukoil Vagit Alekperov said in that it would not be expedient to deepen global oil production cuts in the winter season, especially for Russia.

He said that Russia would be able to restore oil production at the wells, voluntarily stopped as part of the efforts to curb output, "only in six months" due to harsh winter conditions.

Alekperov said that the current oil price of around $63-$64 per barrel is suitable both for producers and consumers, reiterating that he hoped that OPEC and its allies convene again in March, before the current deal expires, Reuters reported.

The OPEC and other leading oil producers, including Russia, will meet in Vienna this week to discuss their further joint actions on the global oil market.