Lukoil Cuts 2008 Oil Growth

Russia's second-largest oil company, Lukoil, has more than halved its oil output growth forecast for this year but plans to increase oil production without acquisitions, its chief executive has announced.

Lukoil plans to increase oil production by 1.8 percent to two percent, CEO Vagit Alekperov told reporters in Russia.

Last year, the Lukoil group's overall output hit 1.94 million bpd.

By staff writer