February 21, 2019 / 7:44 AM / in 2 months

Russia's Gazprom Neft expects oil output to rise 2 percent in 2019

FILE PHOTO: The company logo of Gazprom Neft is seen on a service station roof in Moscow November 12, 2013. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russian oil producer Gazprom Neft expects its oil output to rise by 2 percent in 2019, First Deputy Chief Executive Vadim Yakovlev said in Gazprom’s in-house magazine published on Thursday.

Yakovlev said the forecast implies global oil production cuts for the first half of the year.

He added that Gazprom Neft would still raise production for the year even if the OPEC and non-OPEC countries decide to prolong their agreement on oil output reduction for the second half of the year.

Reporting by Vladimir Soldatkin and Oksana Kobzeva; Editing by David Goodman

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