Oil at $60-65/bbl ‘comfortable’ for OPEC+ producers: Lukoil

Lukoil logos are pictured at the Gorkovsky Automobile Plant in Russia. (File photo: Reuters)

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 January 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.

Last Update: 08:16 KSA 11:16 - GMT 08:16