Lukoil doesn’t plan to repeat the extraction record of 100 mln tons in 2016

​Lukoil doesn’t plan to repeat the extraction record of 100 mln tons in 2016 which was set in 2015, Vice-President, L. Fedun, said.

It is at least irrational to follow the set records and increase the offer in the oversaturated market in the conditions of ambiguity, he said.

According to him, it is better to sell oil at high price. Fedun thinks that the goal to load the market with cheap oil by all means is not correct as in half a year-year it will be possible to sell it by twice more expensive. For that the Russian companies have an advantage – they don’t have either debts or strict financial obligations, Fedun says. Today it is necessary to produce that volume of oil which will not undermine the budgets of countries and companies and simultaneously will not have the additional impact on the market. It is better to sell one barrel at $50 than 2 barrels at $30.