In just a week, Russia has to find ways to cut a fifth of its oil output under a deal to tackle the market glut and is looking at all options, including putting wells on repair and maintenance to abandoning them entirely and even burning oil, four oil industry sources said.
Russia, along with other members of the global oil alliance between the Organization of Petroleum Exporting Countries and non-OPEC members, agreed to jointly remove nearly 10 million barrels per day from world markets, a tenth of total supply, starting from May 1.Last week, the Russian energy ministry told oil companies to cut their production by a fifth to 8.5 million barrels per day to meet the OPEC+ deal.
Lukoil , with oil output at 1.65 million bpd, plans to shut down a number of fields in the northern region of Komi at its Ukhtaneftegaz production facility, a source familiar with the plan told Reuters. Two other oil industry sources said that inefficient wells and wells with low productivity were main targets for shut downs but the main method for cutting output would be to shut wells temporarily for repairs, not to shut them down indefinitely. New drilling will be suspended, too.
Source: News Formal (newsformal.com)
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