Russia’s Tatneft to cut output

Russia’s Tatneft to cut output

Russian oil company Tatneft will decrease its production by 20,000 barrels per day in 2017 in line with an agreement signed by OPEC and non-OPEC countries.

“Our share in this story will be small, up to 20,000 barrels at most,” Tatneft CEO Nayil Maganov said, adding that the ultimate figure will be defined after a meeting with the Energy Ministry this week.

“I think that we are having a general meeting this week, where we will find out and discuss everything. We have already formed special working groups that will monitor the situation and make necessary calculations. All oil companies will take the burden in proportion regarding the October level of oil production,” PRIME cited him as saying.

"Still, the production cut agreement will have a positive impact on the company’s financial performance due to higher oil prices," he stressed.

Earlier on Monday, Tatneft said in a presentation that it may revise its oil production plan for 2017 down from the expected amount of 29.35 million tonnes due to a reduction agreement signed by OPEC and non-OPEC states.

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