Russia’s Gazpromneft to Increase 2016 Output by 5%

Russia’s Gazpromneft to Increase 2016 Output by 5%

The head of Gazpromneft, the oil-producing unit of Russian gas giant Gazprom, said on Friday the company would increase its 2016 hydrocarbon output by 5 percent to 85-86 million tons of oil equivalent.

Of this, the firm will extract 59-60 million tons of oil in 2016, Gazpromneft head Alexander Dyukov told journalists.

He also said OPEC is destabilising the global oil market by increasing production.

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