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Lukoil CEO sees $60-65 as most preferable oil price range

December 01, 2017, 11:15 UTC+3

Lukoil CEO also says the company will not ask for distribution of oil reduction quotas among Russian firms

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Vagit Alekperov

Vagit Alekperov

© Sergei Savostyanov/TASS

VIENNA, December 1. /TASS/. Chief Executive Officer of Russia’s oil major Lukoil Vagit Alekperov considers $60-65 per barrel to be most preferable oil price at the moment.

"I think that the oil price of 60-65 [dollars per barrel - TASS] is the level preferable for OPEC and non-OPEC countries now," he said, adding that he opposes a sharp rise in oil prices and considers it necessary "to reach an agreement to avoid the mistake made in mid-2000."

"I hope that ministers will meet once again at the end of spring and once again discuss the situation on the market. I do not support a sharp rise in the oil price. We have to reach a balance, which both producers and consumers will be satisfied with," Alekperov said.

According to CEO, the company’s 2018 budget is based on the oil price amounting to $60 per barrel. "The budget for 2018 is based on 60 dollars [per barrel]," he said.

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