MOSCOW: Russian mid-sized oil company Russneft expects its oil production to decrease by 4 percent this year, Mikhail Gutseriyev, its largest shareholder, told RBC Daily newspaper in an interview. Russneft, like other Russian oil companies, has cut output under the deal reached between Russia, some other non-OPEC nations and OPEC members aimed at supporting oil prices.
Russia has cut production by a total of 300,000 barrels per day (bpd) under the deal which last month was extended into next year. Deeper cuts are possible, depending on the market situation, some countries have said. Asked whether Russneft was ready to cut further if such a decision by Moscow is taken, Gutseriyev said: “We are cutting already. We expected reduction in (oil) output) by 4 percent this year.” Russneft, of which Gutseriyev is also chairman of the board, operates mostly at mature fields in Russia. Russneft’s production was 140,000 bpd in May, according to Russian energy ministry data.
