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Lukoil sees OPEC+ continuing current production policy

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

Lukoil sees OPEC+ continuing current production policy

Moscow, December 17 - Neftegaz.RU. Russia's 2nd-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 today, S&P Global Platts has reported.

Fedun said when asked about the decision he expects the group to take in January:
  • I don't see any deviations from the program that was previously adopted
The OPEC+ group is next scheduled to discuss market conditions and output volumes at a ministerial meeting on January 4.

On December 13 OPEC increased it forecast for 1st-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 December 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.
He said:
  • 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
Dated Brent was assessed by S&P Global Platts at $74.76/b on December 16, up 2.65% on the day, but down from $83.125/b on November 24 when the 1st case of omicron was reported.

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

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