Gazprom Neft Chief Financial Officer Alexey Yankevich made the comment during an investor event in Hong Kong, adding that global oil markets remain volatile and unpredictable.
Last week, Gazprom Neft reported a 48.7 percent jump in 2018 net profit to 376.7 billion roubles ($5.8 billion) buoyed by higher prices and output.
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 tons.
It reiterated a hydrocarbon production target of 100 million tons 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 on production, including shares in joint ventures.