Gazprom Neft could increase oil production in 2020 by 10% year on year, CEO Alexander Dyukov said Oct. 14.
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Dyukov previously said the company was seeking to push hydrocarbons output to 100 million mt in 2021 even if oil production limitations under the OPEC+ pact remained in place, from 96.1 million mt in 2020.
"Considering that next year demand for oil may continue to grow, next year we could increase production by 10%, maybe more, but it will depend on quotas set by the ministry," Dyukov said during the Russian Energy Week conference in Moscow.
He expressed hope that oil prices would not reach $100/b, but that "everything was possible."
S&P Global Platts has assessed Dated Brent at three-year highs in recent days, with the benchmark reaching as high as $84.43/b on Oct. 11, which has since eased to $83.32/b on Oct. 13.
Gazprom Neft, like other Russian producers, is subject to quotas under the OPEC+ agreement.
In accordance with OPEC+ efforts to counter the impact of the coronavirus pandemic, the company cut oil output to about 1.06 million b/d in May 2020, compared to 1.33 million b/d in April 2020, when the deal was not yet in effect, according to the energy ministry's data.