It is too early to talk about a possible reduction in oil production within OPEC+ in 2019, the price of oil is quite high, Lukoil’s President Vagit Alekperov noted on Sunday, at a meeting of the OPEC+’s Ministerial Monitoring Committee held in Abu Dhabi. The participants noted the threat of a possible oversupply on the oil market in 2019, but haven’t yet recommended a reduction in the production, and decided to continue monitoring the market.

Asked how he assessed the possible reduction in the oil production within OPEC+ in 2019, Alekperov said: "I think it is too early to talk about it. The price of oil is quite high".

"The fact that the agreement (between the OPEC+ countries) remained is very important. It is possible to monitor the market. We support OPEC+’s actions," - he added.

Production update

For the first nine months of 2018 LUKOIL Group's average hydrocarbon production excluding West Qurna-2 project was 2,301 thousand boe per day, which is 3.7% higher year-on-year. The increase was mainly driven by the development of gas projects in Uzbekistan.

In the third quarter of 2018 production increased by 1.7% quarter-on-quarter and averaged 2,327 thousand boe per day mainly driven by higher oil production in Russia.

KeyFacts Energy Industry Directory: Rusmininfo