Oil Steadies After Brief Slide
Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $56.05 a barrel.
Lukoil Opposes Prolonged Global Oil Output Cuts
The global oil output cut should not be prolonged, the head of Russia's second biggest oil producer, Lukoil, 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…
Caspian is Key for Lukoil
Alexander Oboronkov leapt at the chance to work on the Filanovsky platform after it was launched in 2016, keen to see Russia's largest Caspian Sea oilfield in action.The Filanovsky oilfield, along with the nearby Korchagin and Rakushechnoye fields, are key to the growth plans at Lukoil, Russia's second biggest oil producer, where Oboronkov works as deputy head of the Filanovsky platform.The company…
Oil Slumps to One-year Low
Oil's slide accelerated on Tuesday, with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.U.S. futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands…
Lukoil: No Need to Cut Output in 2019
Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.Russia is part of a group of OPEC and non-OPEC oil-producing nations that teamed up two years ago in an effort to rebalance the market. The group first decided to cut output but changed course in June as prices spiked on fears of a shortage.On Monday…
Lukoil Groundbreaking Ceremony at Rakushechnoye Field
Russia's Lukoil informed its President Vagit Alekperov, jointly with Head of the Astrakhan Region Sergey Morozov, took part in the official groundbreaking ceremony to mark the start of construction of infrastructure facilities of Rakushechnoye field.This is the Company's third large project in the Caspian Sea alongside with two other fields…
OPEC Sees Strong Oil Market, Possible Need for More Output
Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from major consumers such as the United States and…
Lukoil Aims to Invest $270 mln in Exploration at Kazakhstan's Zhenis Block
Russia's second largest oil company Lukoil plans to invest $270 million in exploration at the Zhenis licence area in the Kazakh part of the Caspian Sea, Lukoil's president Vagit Alekperov said in Astana on Tuesday.Lukoil and Kazakh state oil company KMG signed an agreement in principle on Tuesday for possible work on the Zhenis licence…
Russia's Novak Says Oil Production Curbs Could Be Eased
Russian Energy Minister Alexander Novak said on Thursday restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June, the Interfax news agency reported.Novak said OPEC and non-OPEC countries currently plan to keep in place their deal to cut global oil output, the news agency reported.Separately…
Lukoil Calls for Exit From Output Deal if Oil Holds at $70
Russia should start exiting a global deal to cut oil output if crude prices remain at $70 per barrel for more than six months, Lukoil chief executive Vagit Alekperov said on Friday as he unveiled a $2-3 billion share buyback programme. Russia and Saudi Arabia are leading the wider OPEC and non-OPEC effort to limit production to prop…
Lukoil Mulls Sale of Litasco Trader, CEO Confirms
Vagit Alekperov, the Chief Executive Officer of Russia's No.2 oil producer Lukoil , confirmed on Wednesday that the company was considering the sale of Swiss unit Litasco. He also told reporters the board of Lukoil would take a decision on the Litasco sale in November. Earlier on Wednesday, industry sources told Reuters that Lukoil was considering selling Litasco because new U.S.
Lukoil CEO Says Won't Sell Off Retail Operation
Russian's second biggest oil producer, Lukoil, has decided not to sell off its network of filling stations, Lukoil Chief Executive Vagit Alekperov said on Thursday at a meeting with Russian President Vladimir Putin. "The retail business is in a crisis situation, oil refining and the retail business are under pressure from the new tax realities…
Russian private oil companies swing behind output cuts
Russia's private oil producers are ditching their scepticism and lining up behind an extension of a global deal to cut output after previous oil price increases compensated for lost income. Oil prices have risen since November when the Organization of the Petroleum Exporting Countries (OPEC) reached its first deal to lower output since 2008, with some non-OPEC producers, including Russia, joining the move.
Lukoil CEO, VP Sell $34 Mln Worth of Shares
Vagit Alekperov, chief executive of Russia's No.2 oil producer Lukoil and his deputy, vice president Leonid Fedun, have sold a total of $34.3 million worth of Lukoil's shares in the period of Dec. 28-29, the company said on Friday. (Reporting by Vladimir Soldatkin; writing by Katya Golubkova)
Lukoil Will Support Energy Ministry Decisions on OPEC Deal
Lukoil, Russia's No.2 oil producer, will support any decisions the energy ministry takes related to OPEC's output agreement, Chief Executive Vagit Alekperov said in a statement on Wednesday. "The company will support the decisions of the Russian Ministry of Energy for the purpose of delivering the agreements reached at the OPEC summit to stabilise oil prices…
Lukoil Not Interested in Rosneft
Russia's No.2 oil producer Lukoil is not interested in buying shares in its larger peer Rosneft, Lukoil's vice president Leonid Fedun said on Tuesday. "As far as I know the question is decided. The shares will be bought by Rosneftegaz," Fedun said, referring to the state-controlled holding which controls Rosneft. Last week, Russian…
Lukoil's Filanovsky Field to Produce 1.5 mln T in 2017
Lukoil, Russia's No.2 oil producer, sees 2017 output at its Filanovsky field in the Caspian Sea at 1.5 million tonnes a year, the company's CEO and co-owner Vagit Alekperov said on Monday. He said the oilfield, launched on Monday, is to reach the peak of its production in 2019, when annual output will be 6 million tonnes of oil. All the crude will go to global markets via the Caspian Pipeline Consortium.
Lukoil Launches New Oilfield in the Russian Arctic
Russia's second biggest oil producer Lukoil launched a new oilfield in the Russian Arctic on Tuesday, an effort to stem output falls attributed to the company's declining deposits, which are mostly located in Western Siberia. The launch of the field, in the Yamal region, underlines how hard it is for the Russian authorities to get…
Lukoil to Slash 2017 Investments
Russia's No.2 oil producer Lukoil will reduce its 2017 investments by 45 billion roubles ($724.72 million) from 2016 due to higher taxes, Chief Executive Vagit Alekperov said on Tuesday. "We understand that the tax burden will be raised. We will lower our investments, but not significantly," Alekperov told reporters. Lukoil's 2016 investments have been seen within a range of $7.5 billion to $7.8 billion.
Lukoil Requests to Boost Output at West Qurna-2 Oilfield
Russia's No.2 oil producer Lukoil said on Monday it has asked the Iraqi authorities to amend the servicing contract for the West Qurna-2 oilfield to allow the company to boost production there. Iraqi oil minister Jabar Ali Hussein al-Luaibi and Lukoil's head Vagit Alekperov met in Baghdad, it said. Lukoil said that Alekperov "noted…
