Lukoil in Q3: rebounds from Q2 losses and boosts oil output in Iraq

Shafaq News / Russian oil producer Lukoil said on Tuesday it had reversed a loss into a profit in the third quarter thanks to a rise in oil prices, while it had boosted oil output in Iraq.

The company achieved a profit of 664 million dollars in the third quarter of the current year, while it increased the oil production in Iraq and Russia, according to a statement by the company issued today.

The company said it had started to boost its output at West Qurna-2 oil field in Iraq from the middle of October, by around 30,000 barrels per day (BPD), after cuts of around 70,000 BPD from May 1 and by 50,000 BPD more from mid-June, under OPEC+ deal.

The company's sales rose to 19.21 billion dollars in the July - September quarter from 12.284 billion dollars in April - June.

The growth was mainly attributable to higher hydrocarbon prices, higher production of refined products at the group's refineries, as well as higher trading and retail sales volumes, Lukoil said in a statement.

Lukoil has faced a pandemic fallout as well as a weaker rouble, which has inflated its debt, denominated in foreign currencies. The company's output has been also constrained by a global deal on production curbs.