Russian oil producer Gazprom Neft announced an about 49% profit rise and says it expects its oil output to go up by 2 percent in 2019, First Deputy Chief Executive Vadim Yakovlev said in Gazprom’s in-house magazine published on Thursday.

Yakovlev said the forecast implies global oil production cuts for the first half of the year.

Gazprom Neft, the oil arm of Russian gas producer Gazprom, on Thursday reported a 48.7 percent jump in 2018 net profit to 376.7 billion roubles ($5.8 billion) buoyed by higher prices and output, according to Reuters.

Russia’s fastest-growing oil producer by output, Gazprom Neft said it expects production to rise by 2 percent this year despite a global deal to curb production.

Output in 2018 rose 3.5 percent to 688.4 million barrels of oil equivalent, or 92.88 million tonnes.

It reiterated a hydrocarbon production target of 100 million tonnes of oil equivalent by 2020 and expects oil prices of around $60 per barrel through to 2030 in its base scenario.

Gazprom Neft reported a 45.1 percent jump in 2018 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to 799.5 billion roubles.

Revenue rose by 28.7 percent to 2.49 trillion roubles.