Gazprom Neft Expects Changes To OPEC Output Cuts In 2020

Muhammad Irfan Published November 18, 2019 | 09:33 PM

Gazprom Neft, a subsidiary of the Russian energy giant, expects the oil cuts deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries to change in 2020, its top manager said Monday

MOSCOW (UrduPoint News / Sputnik - 18th November, 2019) Gazprom Neft, a subsidiary of the Russian energy giant, expects the oil cuts deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries to change in 2020, its top manager said Monday.

"If we imagine that the curbs remained, meaning the quota did not change ...

we could hardly expect any significant growth. The overall hydrocarbon production might edge up, possibly by 1 percent," he said during a phone conference.

OPEC and other major oil exporters, including Russia, started capping their outputs in 2017 to shore up slumping crude prices. Their pact has been extended several times since then, with the current iteration expected to run into April.