Lukoil gets ready to reduce oil extraction in Iraq due to general reduction in the country
Edited by Rhod Mackenzie / 2016-01-25 06:12:37
Lukoil gets ready to reduce the oil extraction in Iraq due to the Government decision to reduce oil extraction in the country, the Vice-President of Lukoil, L. Fedun, said.
Iraq has notified all contractors, including us, of the necessity to reduce the extraction volumes, and we will do that. It means that Iraq – as a member of OPEC – might be getting ready for the reduction of volumes and quota for extraction, he said.
Lukoil will reduce its extraction proportional to the other oil companies working in Iraq.
Previously the Ministers of OPEC decided to raise the quota to the level of real oil extraction which is assessed at 31-32 mln barrels of oil a day. A sharp oil price fall followed that.
