MOSCOW, Aug 23 (AFP) - Embattled Russian oil giant Yukos cut its 2004 oil production target Monday from 90 million tonnes to 86 million tonnes, saying its inability to access its frozen accounts had forced the firm to reduce operating costs.
"As a result of the capital expenditures reduction, the annual production target for Yukos Oil Company will be reduced from 90 million tonnes to 86 million tonnes for 2004," the company said in a statement.
The statement said that even this reduced production target was six percent higher than last year's level.
The news from Yukos came however amid tight world supply and sustained high demand that had crude prices approaching the 50-dollar-per-barrel mark.