Oil in mid-$60 per barrel range fair, Russian company says

2 Dec 2017   Prices, Russia

A price range for crude oil of between $60 and $65 per barrel is a good point on which to base a budget, the head of Russian oil company Lukoil said Friday. CEO Vagit Alekperov said Friday that, for ministers from the Organization of Petroleum Exporting Countries and non-members, the mid-$60 range was preferable for now. “The budget for 2018 is based on $60 dollars [per barrel],” he was quoted by Russian news agency Tass as saying. Russia is party to an effort led by OPEC to balance an oversupplied market with coordinated declines in production. Russia is the largest contributor to the agreement outside of OPEC and helped steer negotiations this week that led to a nine-month extension to a deal set to expire in March. From […]

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