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25.01.2018 11:51Lukoil CEO Warns against Sharp Growth in Oil Prices up to $150 Per Barrel
© Lukoil
Vagit Alekperov, CEO of Russian oil major Lukoil, believes the OPEC+ oil production cut agreement will contribute to stabilization of oil prices but it is important to prevent their "explosive" growth up to $150 per barrel, TASS reported.
Speaking to reporters on the sidelines of the World Economic Forum in Davos, he said: "It seems that the governments of the oil producing countries are not happy with $70 and the race starts again. We must bring them [the prices] back to normal, to the level of 2011-2012, and then smoothly withdraw from the agreement,"Alekperov said. "We should not allow an explosive jump in oil price, when it was $140-150 again," he stressed. He recalled that after a sharp drop in oil prices, the countries were happy with the rise up to $50 per barrel. According to Alekperov, Lukoil’s budget for the next three years is based on the oil price of $50 per barrel.
OPEC member-states and non-OPEC oil producing countries reached an agreement on reduction of oil production (the OPEC+ agreement) in late 2016, TASS reminded.
The deal was initially valid in the first half of 2017 but since then it has been extended twice: first - until the end of March 2018, and later - until the end of 2018. The goal is to remove surplus world oil reserves from the market.
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