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Gazprom Neft ready for oil output hike

Staff Writer |
Gazprom Neft is ready to hike crude production if the global deal on output cuts is eased, company head Alexander Dyukov said.

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"It is obvious now that the quotas should be revised, the quotas should be increased, this will be beneficial both for producers and consumers," he stressed.

He added that the company would be able to hike its oil production by 5000 tonnes per day (36,650 barrels per day) if the restrictions are scrapped.

"We believe that the time has come that it makes sense to keep the deal in place but be more flexible on quotas," Reuters cited Dyukov as saying.

He also said that if the deal is kept in place, Gazprom Neft’s oil production will be stable, at 62.3 million tonnes (1.25 million bpd) this year.

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