60528
Lukoil Sees Oil at $55-65
Lukoil Sees Oil at $55-65

Lukoil Sees Oil at $55-65

Lukoil Sees Oil at $55-65

Oil will stabilize around $55 to $65 a barrel as OPEC fulfills its agreement to cut output, with stockpiles and shale production keeping prices from rising much more, the Middle East head of Lukoil PJSC said.
Russia’s second-largest oil producer has not had to reduce production in Iraq as a result of the curbs pledged by OPEC, Gati al-Jebouri said Monday in a Bloomberg television interview.
Lukoil’s output in Iraq is about 400,000 barrels a day, he said. OPEC’s cutbacks have brought a period of stability to the market, he said.
“We have a lid because of shale oil and we have a bottom because of the already proven decision and willingness of OPEC to maintain prices at a reasonable level,” al-Jebouri said.
The Organization of Petroleum Exporting Countries, working in concert with 11 other producers such as Russia, reached agreement last year to reduce output to clear a persistent oil glut and revive prices.
Brent crude oil, a global benchmark, has rebounded about 20% since OPEC decided at the end of November to restrict supplies for six months starting Jan. 1.
Lukoil is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners and other countries need technology to develop deposits, al-Jebouri said.
Lukoil is in talks with National Iranian Oil Co., the country’s state producer, on Abteymour and Mansouri oilfields in western Iran, he said.
The company is also interested to pump oil from offshore fields in Abu Dhabi and to produce heavy crude in Oman and Kuwait. Abu Dhabi, holder of most of the oil in the United Arab Emirates, is preparing to seek partners for the offshore fields by 2018, he said.

Short URL : https://goo.gl/JpMReE
  1. https://goo.gl/WaIvfQ
  • https://goo.gl/c6J4wP
  • https://goo.gl/6aQMct
  • https://goo.gl/yQZabT
  • https://goo.gl/9Y0GBC

You can also read ...

China Shifts to Iranian Tankers to Keep Oil Flowing
Chinese buyers of Iranian oil are starting to shift their...
Replacement of France's Total Underway
Oil Minister Bijan Namdar Zanganeh said on Monday France’s...
Greek Island to Run on Wind and Solar Power
When the blades of its 800-kilowatt wind turbine start turning...
Vopak: More Volatility Expected in Oil Prices
A shipping revolution and a US plan to impose targeted crude...
Large Oil Vessel Anchors in Chabahar
A large crude carrier with a capacity of 50 million liters of...
Advantages, Challenges of Renewables Outlined
Saving water, creating sustainable jobs, curbing air pollution...
Plans to Expand Gas Pipelines by 1,000 Km 
Iranian Gas Engineering and Development Company plans to lay...
SP Oil Layer Loads 19th Cargo
The 19th batch of crude oil from South Pars Oil Layer in the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus