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Lukoil sees OPEC+ continuing current production policy


Sees OPEC+ raising output by 400,000 b/d at Jan meeting

Expects oil price of $60-80/b throughout 2022

  • Author
  • Rosemary Griffin
  • Editor
  • Jonathan Fox
  • Commodity
  • Energy Oil

Russia's second-largest crude producer Lukoil expects the OPEC+ group to continue its current oil output policy, and increasing output by 400,000 b/d at its next meeting, the company's vice president Leonid Fedun told reporters Dec. 17.

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"I don't see any deviations from the program that was previously adopted," Fedun said when asked about the decision he expects the group to take in January.

The OPEC+ group is next scheduled to discuss market conditions and output volumes at a ministerial meeting on Jan. 4.

On Dec. 13 OPEC increased it forecast for first-quarter demand to 99.13 million b/d -- up 1.1 mil b/d from its previous estimate. The group said the increase was due to expectations that the omicron variant of the coronavirus will have a transitory impact on the global economy.

At the last OPEC+ meeting on Dec. 2 the group agreed to continue with a planned 400,000 b/d production quota increase for January, despite speculation that the group would stall or reduce planned output increases amid concerns over omicron's impact on demand.

S&P Global Platts Analytics is currently forecasting that the group will freeze increases for February due to demand concerns.

The OPEC+ quota is currently the main driver of Russian output volumes.


Fedun also said he sees oil prices at $60-80/b throughout 2022.

"I expect that oil prices will be within a range that is comfortable for both consumers and producers. This is about $60-80/b. Short-term spikes are possible, but in general, this range will be maintained next year," Fedun said.

Dated Brent was assessed by S&P Global Platts at $74.76/b on Dec. 16, up 2.65% on the day, but down from $83.125/b on Nov. 24 when the first case of omicron was reported.

On Dec. 15 Lukoil said its 2022 program is based on a conservative oil price scenario of $50/b. It plans to present an updated strategy March 11.