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Russneft reduced production by 4% under Vienna agreement

RussNeft production has fallen by 4% under the agreement on oil production cut.

Russneft reduced production by 4% under Vienna agreement


RussNeft production has fallen by 4% under the agreement on oil production cut, though the Company is ready to resume its former production any minute, Mikhail Gutseriev said at SPIEF-2017, the company reported on June 6, 2017.

«We have 4% production fall. Should the price be okay and we quit the OPEC agreement, we are ready to recover our previous position very fast», Mikhail Gutseriev told Rossiya-24, while commenting on how the agreement between oil producing countries affected RussNeft.

OPEC and a number of non-member countries agreed in Vienna in late 2016 on cutting their production cumulatively by 1.8 mln bpd from the October rate, with Russia cutting its production by 300 thousand bpd.

The agreement was concluded for H1 2017 with an option for extension. In May, its term was extended for 9 months until the end of March 2018.

Iranian oil minister Bijan Zanganeh said last week that Iran has recently signed MoUs with Russian companies on development of Kish, Farzad B and North Pas gas fields.

Russneft doesn’t currently participate in Iranian oil and gas projects and for present, it has no such plans, a source in the company told Trend on June 6, 2017.


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