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TATN - Tatneft' PAO News Story

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UPDATE 1-Russia's Tatneft says wrong to raise oil output in April - TASS

Mon 23rd March, 2020 5:40pm
(Adds detail, quote)
    MOSCOW, March 23 (Reuters) - Boosting oil production in
April is not "expedient" due to the impact of the coronavirus
outbreak on the global energy market, the TASS news agency
reported the head of Russian oil producer Tatneft  TATN.MM  as
saying on Monday.  
    His comments suggest Russian oil producers may be
backtracking from their plan to raise oil production following
the collapse of an output-curbing agreement with OPEC, as oil
prices have plunged.
    The deal between the Organization of the Petroleum Exporting
Countries (OPEC) and allies including Russia is due to expire at
the end of March and will not be extended after a disagreement
on further action between Russia and Saudi Arabia. 
    Oil prices fell from nearly $50 a barrel on March 6, when
the talks collapsed, to below $25 after Russia and Saudi Arabia,
the de facto leader of OPEC, said the world's two biggest oil
exporters would open the taps from April 1.
    "Everything is falling down. No one could assume 100% the
likelihood of such a scenario", Tatneft boss Nail Maganov was
quoted as saying.
    He was talking to reporters following a meeting at the
Russian energy ministry with domestic oil producers.
    Asked if an increase of oil output in April was discussed at
the meeting with Energy Minister Alexander Novak, Maganov said
"the economic situation will show in April".
    Novak has said all restrictions on oil output would be
lifted starting from April.
    "It's hard for the output to rise in such an environment,
there should be economic viability for it. If it hadn't been for
the coronavirus, there would have been an economic sense (for an
increase). No one could really have predicted such a collapse in
prices," Maganov said according to TASS.

 (Reporting by Vladimir Soldatkin; Editing by Jan Harvey and
Mark Potter)
 ((vladimir.soldatkin@reuters.com; +7 495 775 12 42;))
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