OREANDA-NEWS. At current oil prices, Russian companies will have to cut investment by at least 10–20%. This forecast was made to the Russian news agency by Dmitry Marinchenko, senior director of the Fitch Natural Resources and Commodities Agency.

According to him, Russian companies are more resistant to low oil prices than foreign competitors, however, they will also have to revise the capital investment program amid falling quotes by 2.5 times. According to Marinchenko, first of all, companies will have to cut back on optional expenses and negotiate with oilfield service companies at rates and terms of payment. The Fitch expert added that the decline in investment will ultimately affect the ability to increase production.

On March 19, Vagit Alekperov, the head of LUKOIL, announced a reduction in spending by $ 1.5 billion due to a serious decline in oil prices. He stressed that the reduction doesn't apply to those projects that are directly related to the provision of exploration and oil production.