Lukoil CEO says oil markets won’t overheat

2 Dec 2017   Prices, Russia

Oil markets will not overheat as they did during a price spike in the last decade as global demand is rising fast and the alliance of OPEC and non-OPEC countries is working well, the head of Russia’s top private producer Lukoil said. Vagit Alekperov, the long-serving chief executive and top shareholder of Lukoil, told Reuters he expected global oil demand to rise by 1.8 million barrels per day next year. Sponsored In addition to that, the supply of crude from producers who are not participating in production cuts is estimated to rise by 0.8 million bpd next year, he said. “We still have plenty of excessive stocks globally […]

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