16 de febrero de 2016 / 15:41 / en 2 años

UPDATE 1-Russia's Lukoil reacts to Doha deal "calmly", plans stable oil output in 2016

* Lukoil pumps average 1.7 mln bpd in Russia, faces decline

* Overall Russian output seen stable, commitment not hard-govt

* Higher taxes to prevent output from rising - Deputy PM (Adds details, quotes, background)

By Olesya Astakhova

BUDYONNOVSK, Russia, Feb 16 (Reuters) - Lukoil, Russia’s No.2 oil producer, reacted “calmly” to an agreement reached between some of the world’s top oil nations in Doha as the firm planned to stabilise its oil output this year in any case, its Chief Executive Vagit Alekperov said.

Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output but said the deal was contingent on other producers joining in - a major sticking point with Iran absent from the talks and determined to raise production.

Lukoil was was pumping oil at around 1.7 million barrels per day (bpd) in Russia last month and facing a decline.

“The company has planned to stabilise production anyway. So we reacted to this news calmly,” Alekperov, the largest private shareholder in the firm, told reporters in Russia’s southern city of Budyonnovsk.

Russia was pumping at an average of 10.88 million bpd last month, a fresh post-Soviet high, preliminary data showed earlier this month.

“As a result of the meeting, four countries... are ready to maintain the average oil production for 2016 at the level of January 2016, and not exceed it,” the ministry quoted Energy Minister Alexander Novak as saying after talks.

Russian Deputy Prime Minister Arkady Dvorkovich, in charge of the energy sector in the Russian government, said of Moscow’s commitment at the Doha talks: “In general, our production was meant to be stable. It was not hard for us to make this commitment. We had to raise taxes which will prevent production from rising.”


Last year, the finance ministry proposed delaying a promised cut in oil export duty, hoping to secure around 200 billion roubles ($2.6 billion) in additional revenues.

Yet, at an oil price of $30, the extra cash accrued from that delay could be three-quarters less than originally envisaged, sources said last week.

Russian Finance Minister Anton Siluanov has recently suggested changing the way mineral extraction tax is calculated to make up for some of additional budget shortfall caused by low oil prices. The proposal has not yet been approved.

Sergey Yezhov, chief economist at Vygon Consulting, estimated that at the current oil price of around $30 per barrel the measure could bring as much as 700 billion roubles ($9 billion) in additional revenues, depending on the rouble rate.

“This is comparable to the level of (annual) capital investments in the industry - a huge amount which will undermine financial stability of the companies if it’s taken away,” he said.

Dvorkovich said that if taxes on the industry continue to be increased in the longer term, it will lead to an oil production fall.

“If we see that the market situation is stabilising, the price is growing, then we won’t need to increase taxes and production will not fall,” Dvorkovich said on Tuesday.

Russian Energy Minister Novak did not give his oil price estimate after the talks on Tuesday.

The Finance Ministry earlier said that the budget could face an additional shortfall of up to $32 billion this year if crude prices stay at around $30. ($1 = 77.5464 roubles) (Additional reporting by Vladimir Soldatkin, Denis Pinchuk and Katya Golubkova; editing by Adrian Croft)

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