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Lukoil sees no need to cut oil output in 2019

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Lukoil sees no need to cut oil output in 2019

Reuters - The group first decided to cut output but changed course in June as prices spiked on fears of a shortage.

Published: Tue 13 Nov 2018, 6:16 AM

Updated: Tue 13 Nov 2018, 8:20 AM

  • By
  • Reuters

Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.
Russia is part of a group of Opec and non-Opec oil-producing nations that teamed up 2 years ago in an effort to rebalance the market. The group first decided to cut output but changed course in June as prices spiked on fears of a shortage.
Vagit Alekperov, head of Russia's second-biggest oil producer Lukoil, told reporters he saw no need for a cut next year.  "I don't see any point in cutting ... So far I don't see any necessity for this," he told reporters in Abu Dhabi.



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