June 4, 2020 / 1:37 PM / 2 months ago

Russia's Lukoil cuts capex guidance for 2020

MOSCOW (Reuters) - Russia’s second-largest oil producer Lukoil said on Thursday it had cut its capital expenditure guidance for this year to 450-500 billion roubles from 550 billion roubles ($8 billion) due to adverse market conditions.

A Lukoil manager also said the company still expected global oil prices to exceed $50 per barrel in 1-1/2 to 2 years.

He added Lukoil would quickly be able to restore production and mothballed wells once a global output reduction deal is over.

Reporting by Vladimir Soldatkin and Olesya Astakhova; Editing by Mark Potter

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