27 Jun 2017 18:05

Russneft not changing 2017 financial guidance despite extension of OPEC+ agreement

MOSCOW. June 27 (Interfax) - Russneft is not altering its forecast for 2017 financial results despite the extension of the agreement between OPEC and non-OPEC countries on cutting oil production, company President Yevgeny Tolochek said at the annual shareholders meeting.

"Of course, limitations on production will have an affect on Russneft's output. We are cutting oil production by around 200,000 tonnes in 2017, but we are cutting low profit production and commissioning high margin reserves and in doing so, we are keeping our economic and financial results for year unchanged," he said.

"EBITDA was 25 billion rubles and we are still expecting 25 billion rubles despite the fact that we have been limited by 200,000 tonnes," he said.