OPEC+ Keen to Keep Oil Prices at $65-$75 a Barrel, Lukoil Chief Says

The head of Russia’s No. 2 oil producer Lukoil (LKOH.MM) said oil prices of $65-$75 were “comfortable” for consumers and the OPEC+ group of major oil-producing countries was trying. To maintain that price range by regulating production.

In an interview with Kommersant newspaper published on Tuesday, Vagit Aleperov said curbs on oil production would depend on market conditions.

“The regulation (of the output) may vary depending on the situation,” Aleperov said.

“For now September 2022 will mark a milestone when sanctions should be lifted. The company has 90,000 barrels a day of idle production, which we expect the market to need.”

Lukoil had earlier said it could reduce its stake in Iraq’s West Qurna-2 oil project. Aleperov said Lukoil is in talks with the Iraqi government to remain involved in the project.

Aleperov said Yamma’s formation in the West Kurna 2 oil field has proved difficult because it contains high levels of hydrogen sulfide.

(Reuters, September 7, 2021)


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