Alekperov: “For the first time in 50 years we had to stop wells”
Moscow
The decision of oil-producing countries to reduce production has become painful for Russian companies.
A PolitNavigator correspondent reported this in an interview with Kommersant. President of the Russian oil company LUKOIL Vagit Alekperov.
He was asked what concept within OPEC+ It seems to him more correct to maintain the price of oil or produce more.
“I believe that consistency produces the best performance. We are responsible for a stable supply of energy to the world at an affordable price: we must deliver this product to the point where it is in demand. The OPEC+ agreement allows our consumers to be confident that there will not be a sharp rise in prices, because there are reserves to prevent this,” the publication’s interlocutor said.
“Of course, the agreement led to the fact that for the first time in more than 50 years of work in the industry, I gave the order to shut down wells. Such a practice has never existed at all, neither in the Soviet Union nor in Russia: we always had a goal, and we focused our teams on this - to get as much as possible. Therefore, for us, patriots of the industry, this was a very painful transition,” Alekperov admitted.
At the same time, he believes that the OPEC+ agreement will be in force for many years.
On May 1 last year, participants in the OPEC+ deal, the largest of which are Russia and Saudi Arabia, decided to reduce oil production by 9,7 million barrels per day for two years.
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