Russian Lukoil to make 18% cut as part of OPEC deal

Russia's second-largest oil producer Lukoil will reduce its output by 18%, equivalent to more than 40,000 tons per day as part of the new OPEC production cut deal, Russian Interfax news agency said on Monday citing the company's CEO Vagit Alekperov.

"And I think that we and all other companies will fulfill this amount, which was brought to us by the energy ministry," Alekperov said.

Lukoil expects an oil price of $30 per barrel after the start of the agreement.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing countries, known as OPEC , agreed on April 12 to lower their collective oil production by 9.7 million barrels per day in May-June to trim some of the oversupply in the global oil market.