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Lukoil: OPEC is beginning to transform and revive after meeting in Vienna

June 16, 15:53 UTC+3
According to the head of the Russian oil major oil prices drop reached the bottom and there is no need of restarting oil production freeze talks
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© EPA/WU HONG

ST.PETERSBURG, June 16. /TASS/. OPEC is transforming and reviving after the June meeting in Vienna, head of Russian oil major Lukoil Vagit Alekperov said speaking at the session "New realities of global market of hydrocarbons" at the St. Petersburg International Economic Forum.

"Today, we feel that after the last session, which was held in Vienna, OPEC is beginning to transform and revive again. We were disappointed by previous meetings, but at this meeting the members-countries reaffirmed their intention to maintain it (the organization). In a medium and long period of time OPEC will form the vision of the investors on the price that will be on the crude oil market," Alekperov said.

Oil prices collapse bottom passed

According to the top manager oil prices drop reached the bottom and there is no need of restarting oil production freeze talks.

"The critical situation ended, we passed the bottom of collapse; I think oil prices will not be lower than $30 anymore," Alekperov said.

Processes are currently underway making possible to receive the fair oil price, he said earlier today in an interview with RBC TV Channel. The fair price is somewhat about $60 [per barrel], Alekperov said.

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