Lukoil and Surgutneftegas have frozen oil extraction

​The President of Russia, V. Putin, in early March announced of the agreement with oil companies on the freezing of oil extraction in 2016 at the level of January 2016. Lukoil and Surgutneftegas were the first to confirm these plans: they will keep the extraction in 2016 at the level of 2015.

Lukoil’s oil extraction in 2016 will stay at the level of 100 mln tons taking into account the compensation oil volumes in Iraq, the Vice-President L. Fedun said.

According to him, the stabilization of oil extraction in 2016 is the only thing that may positively influence on the market.

Surgutneftegas is also ready to execute the decision on the stabilization of oil extraction in Russia at the level of January 2016, the head of the company V. Bogdanov said.

We have a stable extraction, so it will not be a problem to execute this decision, he said.