Oil prices of $65-75 per barrel were "comfortable" for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by regulating output, the head of Russia's No. 2 oil producer Lukoil said.
In an interview with the Kommersant newspaper published on Tuesday, Vagit Alekperov added that curbs on oil output would depend on market conditions, Reuters reported.
"Regulation [of output] can be different depending on the situation," he said.
"For now, September 2022 will mark a milestone when the restrictions should phase out. The company has up to 90,000 barrels a day of idle production, which we hope will be needed by the market."
Lukoil has said previously that it could reduce its stake in Iraq's West Qurna-2 oil project.
Alekperov said Lukoil remained in talks with the Iraqi government to stay involved in the project. He noted that the Yamama formation at the West Qurna 2 oilfield has proved difficult to tap because it contains high levels of hydrogen sulfide.
