Lukoil 3Q Production Fell 5% on Quarter Due to OPEC+ Output Cuts
By Jaime Llinares Taboada
Lukoil PJSC said Tuesday that its hydrocarbon production
declined in the third quarter compared with the second quarter as
OPEC+ countries agreed to cut output due to the coronavirus
The Russian oil company posted production of 1.89 million
barrels of oil equivalent a day--excluding the West Qurna-2 project
in Iraq--for the three months to Sept. 30, down from 1.98 million
barrels in the second quarter.
"Oil production dynamics were driven by the OPEC+ agreement
concluded in April 2020, which led to limitations on oil production
by the group in Russia and at certain international projects," the
Oil production declined 3.0% on the quarter, and gas output fell
6.7% amid lower Chinese demand for Uzbekistan supply.
Meanwhile, Lukoil's refinery throughput increased 9.8% on
quarter to 14.8 million metric tons.
Shares in Moscow at 1110 GMT were up 1.3% at 4,813.5 Russian
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(END) Dow Jones Newswires
November 10, 2020 06:37 ET (11:37 GMT)
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