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Price of oil at $60-70 per barrel suits both producers and buyers — Lukoil

March 22, 16:49 UTC+3

OPEC + has allowed to balance the market, Lukoil's first executive vice president, Ravil Maganov, said

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© Vyacheslav Prokofyev/TASS

Kogalym, March 22. / TASS /. The OPEC + Agreement has made it possible to balance the world oil market and set a price for a resource that suits both the producer and the buyer, said Lukoil's first executive vice president, Ravil Maganov on Friday.

"I think that OPEC + is good. It has allowed to balance the market. Today’s price of $60-70 per barrel suits both the manufacturer and the buyer. And it rids the speculators from unnecessary trouble, because they win on the rise, hedging in advance, and win on the fall of prices," he said.

Answering the question whether the OPEC + agreement should be renewed, he noted that the appropriate decision should be made based on analysis. "We need to see. Everyone is now predicting that at the beginning of the second quarter, that is, in April, the market will balance. So, today, it is somewhere below the five-year average level of reserves," says Maganov.

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