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Oil prices may stop falling at $15-20 per barrel, Lukoil says

The company's vice president believes that the failure of the OPEC+ agreement contributed around $20 per barrel to the oil price drop

© Vyacheslav Prokofyev/TASS

MOSCOW, March 19. /TASS/. Oil prices may stop the drop at the resistance level of $15-20 per barrel, Vice President of Lukoil Leonid Fedun said in an interview with RBC.

"We have done a technical analysis. Of course, like any technical analysis, these are subjective estimates. But according to technical analysis, the first resistance level is now, we are seeing it - it is at $32 [per barrel], the ceiling is about $28 [per barrel], and the second resistance level is $15-20 [per barrel]," he said, answering a question about a possible continuation of a decline in oil prices.

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Current oil price is low, Kremlin says

Fedun added that he believes that the failure of the OPEC+ agreement in March contributed around $20 per barrel to the oil price drop. "I suggest that the disbalance initiated by Saudi Arabia that pushed prices down by $10 at once for [Arab] Light amounts to around $20 per barrel, which means that today the loss from the failed deal roughly ranges from $20 to $18 per barrel,"he said in an interview aired by the RBC business news channel on Thursday.

He noted that Russia’s crude oil production may start falling in 2022 with the oil price staying below $35 per barrel. "According to the scenarios that we are currently revising, in case of failed [OPEC+] deal and oil prices in the range below $35 [per barrel], production in Russia will start falling in 2022-2023," he said.

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