May 25, 2018 / 11:03 AM / a year ago

Russia's Gazprom Neft: output cuts should be eased this summer

FILE PHOTO: Alexander Dyukov, head of Russian oil producer Gazprom Neft, attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 1, 2017. REUTERS/Sergei Karpukhin

ST PETERSBURG (Reuters) - Alexander Dyukov, the head of Russian oil major Gazprom Neft, said on Friday he supported the possible easing of restrictions on oil production this summer.

He said the magnitude of the easing - “700,000-800,000 barrels per day, or 1 million barrels per day” - should be discussed.

Dyukov also said that oil prices at $50-$60 per barrel would be “fair” and that the company’s own hydrocarbon production forecast of 100 million tonnes in 2020 would likely be exceeded.

Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Maria Kiselyova

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