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World oil prices

Lukoil: Most projects in oil sector may be put on hold amid crude price below $24/barrel

"We’re currently preparing a reduction of investment program by around $1.2-1.5 bln at $30 [per barrel oil price]," President of Russia’s oil major Lukoil says

© Vladimir Smirnov/TASS

WORLD OIL PRICES

MOSCOW, January 21. /TASS/. Many projects in Russian oil sector may be put on hold in case oil price goes below $24, President of the country’s oil major Lukoil Vagit Alekperov said in an interview aired by the Rossiya-24 TV news channel on Thursday.

"I still think the lower bound, which may be expected is $24 [per barrel]. All analytical researches say that very many projects, even ongoing, will simply be put on hold if price goes below this level," he said, adding that Lukoil may also cut its investment program.

"We’re currently preparing a reduction of investment program by around $1.2-1.5 bln at $30 [per barrel oil price]. Refinery won’t be cut. Production is likely to be reduced somewhere in Siberian fields by 0.5-0.6% depending on what investment program we’ll be able to stand," President said.

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