Oil deficit on market inevitable by year-end, says Russia’s Lukoil

Russian energy major Lukoil is of the view that the market will experience oil shortage by the year-end.

“The market is recovering at large, investments decline, and the whole range of companies already left the market. Fields are leaving the market. No doubts there will be deficit by the year-end,” Tass quoted vice president of the company Lenoid Fedun said as saying.

Fedun said Lukoil will keep oil production in Russia at last year’s level and growth may be expected in 2017

“Lukoil’s [oil production] will be approximately at the current level in 2016. Growth related to launch of two fields will be in 2017,” he said said.

 

 

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