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Gazprom Neft considers oil price of $50-60 per barrel optimal for market

May 25, 15:42 UTC+3 ST. PETERSBURG

Gazprom Neft considers price of oil at $50-60 per barrel to be optimal for the world market in the coming years, the company’s CEO says

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ST. PETERSBURG, May 25. /TASS/. Gazprom Neft considers price of oil at $50-60 per barrel to be optimal for the world market in the coming years, the company’s CEO Alexander Dyukov told reporters.

"The level of $50-60 per barrel is absolutely fair," he said and added that this would allow companies to make money, to avoid market oversupply and to prevent a sharp growth of shale oil production.

At the same time, Dyukov noted that Gazprom Neft fears excess in the oil market while maintaining the quota of OPE +. "At the moment, I see other risks. If we do not reconsider, we can get a surplus in the market. It seems to me, this is the right time to stop players who are attracted by high prices," he said.

Dyukov added that Gazprom Neft would reduce oil production by 100,000 tonnes in 2018, and increase hydrocarbons to 92 mln tonnes. "If we stay in the OPEC+ deal, then oil production in 2018 will be slightly lower - by 100,000 tonnes. Hydrocarbons will be increased to 92 mln tonnes," he said.

In addition, Dyukov said that Gazprom Neft plans to distribute the company’s reserve fund by the end of the summer. "We will use this money for a number of projects. The final decision will be made by the end of the summer," he said.

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