MOSCOW - Russian oil major LUKOIL has cut its long-term oil and gas output targets, mainly because of weak demand in Europe, but the company said on Tuesday it has raised cash flow estimates, allowing it to pay higher dividends.

Russia's No. 2 oil firm, owned 20 percent by U.S. oil major ConocoPhillips, said the main output revisions would come in the gas segment in the Caspian Sea and Yamal peninsula regions, allowing it to save $15 billion to 2019 versus the previous programme.

Russia Conocophillips Energy