|17 December, 2019

Oil at $60-65/bbl 'comfortable' for OPEC+ producers -Lukoil

The OPEC+ group of producers have committed to some of the sector's deepest output cuts in a decade starting Jan. 1 in an effort to avert oversupply and support prices

MOSCOW  - An oil price of $60-65 per barrel would be comfortable for participants in the deal agreed by the OPEC+ group of producers to limit supply, Leonid Fedun, vice president of Russian oil producer Lukoil, said on Tuesday.

The OPEC+ group of producers have committed to some of the sector's deepest output cuts in a decade starting Jan. 1 in an effort to avert oversupply and support prices.

Fedun said price shocks would only happen if producers violate their commitments.

At 0753 GMT, the price of Brent crude oil was $65.5 per barrel.

(Reporting by Olesya Astakhova; writing by Alexander Marrow; editing by Jason Neely) ((alexander.marrow@thomsonreuters.com; +7 495 775 1242))

More From Commodities