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According to a report from Reuters on June 3, OPEC+ approved a previous decision on Tuesday to continue to increase production in the next two months.
According to current plans, OPEC+ led by Russia will increase production by 700,000 barrels per day in June and 840,000 barrels per day in July.
Alekperov said that Lukoil plans to increase capital expenditures to 600 billion to 650 billion rubles next year because the company will start the production of new projects such as the Caspian Sea.
Russian oil producers have decided not to use unfinished oil well funds.
In order to ensure that Russia will not lose market share after the completion of the 2022 global production reduction agreement, Moscow has developed a plan for unfinished oil wells, which can begin operations once the agreement expires.
Wang Jiajing excerpted and translated from Reuters
The original text is as follows:
Lukoil expects OPEC+ to agree to raise oil output at July meeting
OPEC+ on Tuesday rubber-stamped an earlier decision to go ahead with production increases over the next two months.
Under their existing plan, the Organization of the Petroleum Exporting Countries and allies led by Russia will add 700,000 bpd in June and 840,000 bpd in July.
Alekperov said Lukoil plans to increase its capital expenditure to between 600 billion and 650 billion roubles next year as it embarks on new projects such as production in the Caspian Sea.
Spending is seen at up to 490 billion roubles this year excluding the West Qurna 2 project in Iraq.
Alekperov said Lukoil also plans to start production at Block 10 in Iraq in the end of 2022 or in 2023 with output at 30,000 bpd.
He also said the company plans to sign a deal with Kazakhstan on exploration at the Al Farabi offshore project on Thursday.
He said Russian oil producers has decided not to proceed with unfinished oil wells fund and that the company will increase drilling volumes starting from the second half of the year as the pandemic is easing and oil demand is on the rise.
To ensure Russia has not lost market share after a global production cut agreement finishes in 2022, Moscow had worked out a programme for unfinished oil wells which could start operating once the deal expires.
