Lukoil Predicts Similar 2016 Russian Output

Oil producer Lukoil aims to maintain output in Russia at this year's level of 86-87 million tonnes and to increase it by 1.5-2 million tonnes in 2017, its chief executive, Vagit Alekperov, said on Tuesday.

Russia intends to provide further discounts on its Urals crude blend in order to defend its market share in Europe as other grades have been increasingly flowing into the region, a government source said on Nov. 21.

"Price discounts depend on our relations with partners. We proceed from the premise of receiving a maximum price for our product," Alekperov told reporters, commenting on the source-based report.

 

Reporting by Natalia Chumakova