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Russia's Lukoil opposes prolonged global oil output cuts

Russia's Lukoil opposes prolonged global oil output cuts
FILE PHOTO: A gas torch is seen at the Filanovskogo oil platform operated by Lukoil company in Caspian Sea, Russia October 16, 2018. REUTERS/Maxim Shemetov   -   Copyright  Maxim Shemetov(Reuters)
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MOSCOW (Reuters) – The global oil output cut should not be prolonged, the head of Russia’s second biggest oil producer, Lukoil <LKOH.MM>, said on Wednesday, Interfax news agency reported.

Lukoil would have to cut its output by 30,000 barrels per day by April under the OPEC and non-OPEC oil deal, but it could still maintain full-year oil output in 2019 at the same level as in 2018, Vagit Alekperov told reporters on the sidelines of the World Economic Forum in Davos, according to Interfax.

Alekperov also said that the current oil price of around $60 per barrel was satisfactory for Russia’s budget and for Russian oil companies.

(Reporting by Polina Nikolskaya; Editing by Andrey Ostroukh and Susan Fenton)

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