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

Read more: Russian Lukoil to make 18% cut as part of OPEC+ deal