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Weaker Ruble Helps Lukoil Spend Less to Boost Oil Output

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Lukoil PJSC was able to boost output in the first half of the year while reducing spending as a weaker ruble cut costs.

Russia’s second-largest oil producer cut capital expenditure by 31 percent to $5.32 billion “mostly due to ruble devaluation,” according to a regulatory filing Friday. Oil and gas production rose 4.8 percent from a year earlier to an average of 2.37 million barrels equivalent a day.