Russian oil producer Gazprom Neft said on Monday that it expected its 2019 investment excluding joint ventures to total 374 billion roubles ($5.62 billion), according to Asia Oil and Gas.

It said it expects its 2018 hydrocarbons output to stand at 92.8 million tonnes of oil equivalent in 2018, up 3.4 percent from last year.

Russian oil producer Gazprom Neft (SIBN.MM) will keep its plan to raise oil output by 50,000 barrels per day in 2019 regardless of the outcome of talks between OPEC and other oil producers, Alexander Dyukov, the company’s head, said previously, according to Reuters.

He added some production cuts on the global oil market were warranted, at least until the second quarter of next year, in order to balance the market.