TOKYO: Russian oil producer Gazprom Neft said on Friday its average output next year would be slightly higher than in 2016 despite Russia's deal with OPEC to cut production. This is compared to initial plans which had called for oil output growth of between 5 and 6 percent next year.
The company's CEO Alexander Dyukov said Russian oil firms would be able to swap quotas between themselves to achieve the collective reduction in Russian output of 300,000 barrels per day from October levels agreed by Moscow and OPEC this month.
Dyukov forecasts average oil prices of $50-55 per barrel next year, around the level of current prices but higher than the 2016 average. He said the company's business plan was however based on a "conservative" oil price forecast of below $50 per barrel and that its board would meet to review it on Dec. 23.
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