Ukrnafta cuts oil & condensate output 5.7% yoy in 5M12

Ukrnafta (UNAF UK), Ukraine’s largest oil extraction company, reduced its oil and condensate output by 5.7% yoy to 905 kt in 5M12, Interfax reported yesterday. Gas production fell 7.9% yoy to 0.83 bcm. Though oil output inched up 1% mom to 164 kt in May, the lack of any new oil reserve exploration suggests the downward trend in the company’s output will continue.