Lukoil 3Q Production Fell 5% on Quarter Due to OPEC+ Output Cuts

By Jaime Llinares Taboada

Lukoil PJSC said Tuesday that its hydrocarbon production declined in the third quarter compared with the second quarter as OPEC+ countries agreed to cut output due to the coronavirus pandemic.

The Russian oil company posted production of 1.89 million barrels of oil equivalent a day--excluding the West Qurna-2 project in Iraq--for the three months to Sept. 30, down from 1.98 million barrels in the second quarter.

"Oil production dynamics were driven by the OPEC+ agreement concluded in April 2020, which led to limitations on oil production by the group in Russia and at certain international projects," the company said.

Oil production declined 3.0% on the quarter, and gas output fell 6.7% amid lower Chinese demand for Uzbekistan supply.

Meanwhile, Lukoil's refinery throughput increased 9.8% on quarter to 14.8 million metric tons.

Shares in Moscow at 1110 GMT were up 1.3% at 4,813.5 Russian rubles.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

November 10, 2020 06:37 ET (11:37 GMT)

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