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Russia's oil major reveals oil price per barrel that will suit everyone

February 27, 16:09 UTC+3

The oil price of $60 per barrel is suitable for consumers and for producers, an official says

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© Egor Aleev/TASS

SOCHI, February 27. /TASS/. The oil price of $60 per barrel is suitable for consumers and for producers, Gazprom Board Chairman Viktor Zubkov told TASS in an interview on Monday.

"Calculations show that if OPEC countries abide by and do not violate the agreement [on oil production limiting - TASS], then the oil price may even grow to $60 [per barrel]. This should suit everyone because this is a normal price in such conditions," Zubkov said.

The agreement reached by oil producing nations led to stabilization of oil price; "it is about $55-56 [per barrel]," he said.

"If nobody violates these arrangements, and this is critical, the oil price may grow to $60 [per barrel] y the end of the year. However, if there are defaults on arrangements, then it may naturally drop to $50 [per barrel] and lower. Therefore it would benefit everyone - oil exporters and gas exporters - if the price is kept at the level of $55-56 [per barrel], as it is now. It would also be good if it grows to $60 [per barrel]," Zubkov said.

The oil price should be neither too high nor too low, he added.

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