Lukoil's Middle East Head Sees Oil at $55-$65 a Barrel on Cuts
- Russian oil producer plans to expand in Iran, U.A.E., Kuwait
- Lukoil maintaining its Iraq output at 400,000 barrels a day
VP Al-Jebouri Says Iran Is a Lukoil Focus
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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 hasn’t 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.