https://sputnikglobe.com/20221013/gazprom-neft-will-not-cut-oil-production-over-opec-decision---ceo-1101828374.html
Gazprom Neft Will Not Cut Oil Production Over OPEC+ Decision - CEO
Gazprom Neft Will Not Cut Oil Production Over OPEC+ Decision - CEO
Sputnik International
MOSCOW (Sputnik) - Gazprom Neft, the oil producing subsidiary of Gazprom, will not cut oil production because of the decision of the alliance of Organization... 13.10.2022, Sputnik International
2022-10-13T23:07+0000
2022-10-13T23:07+0000
2022-10-13T23:07+0000
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gazprom neft
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OPEC+ alliance agreed last week to cut oil production by 2 million barrels per day from November and will take production levels agreed for August as a reference point. The move was made in response to uncertainty in global oil market outlooks, partly caused by Western sanctions on Russian energy deliveries and the G7 plans to introduce a price cap on Russian crude. The decision received backlash from the US, which demanded an increase in production to combat rising domestic prices.The chair added that the physical reduction in oil production under the deal will be one million barrels per day.
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Gazprom Neft Will Not Cut Oil Production Over OPEC+ Decision - CEO
MOSCOW (Sputnik) - Gazprom Neft, the oil producing subsidiary of Gazprom, will not cut oil production because of the decision of the alliance of Organization of the Petroleum Exporting Countries and non-cartel producers (OPEC+) to decrease oil production, Alexander Dyukov, the chair of the management board of Gazprom Neft, said on Thursday.
OPEC+ alliance agreed last week to cut oil production by 2 million barrels per day from November and will take production levels agreed for August as a reference point. The move was made in response to uncertainty in global oil market outlooks, partly caused by Western sanctions on Russian energy deliveries and the G7 plans to introduce a price cap on Russian crude. The decision received backlash from the US, which demanded an increase in production to combat rising domestic prices.
"As for our company, we produce [oil] according to the quota, not above the quota. We will not be required to cut production volumes," Dyukov said in a televised appearance on the Rossiya 24 broadcaster.
The chair added that the physical reduction in oil production under the deal will be one million barrels per day.
