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Some 6 million barrels a day to quit market if oil prices stay at current level — expert

November 27, 2014, 16:17 UTC+3 LONDON
A dramatic situation has emerged on the market, due to which all companies are revising their 2015 budgets, adapting them to new conditions, Russian oil major Lukoil Vice-President Leonid Fedun says
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© ITAR-TASS/Valery Matytsin

LONDON, November 27. /TASS/. An oil volume of 6 million barrels per day will quit the market if oil prices stay at the current or lower levels for 7-8 months, Russian oil major Lukoil Vice-President Leonid Fedun said during a call-in conference on Thursday.

“A dramatic situation has emerged on the market, due to which all companies are revising their 2015 budgets, adapting them to new conditions,” Fedun said.

World oil prices have fallen from about $110 per barrel at the beginning of the year to under $80 per barrel at present.

The Organization of the Petroleum Exporting Countries (OPEC), which accounts for about 40% of global crude oil production, is holding a ministerial meeting in Vienna on Thursday to decide on possible output quota cuts to stabilize world oil prices.

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