The head of Lukoil, the second largest Russian oil company, said oil prices between $ 65 and $ 75 per barrel are “comfortable” for consumers, and that the OPEC + group of major oil producing countries tries to maintain that price range by adjusting production.
In an interview with the Kommersant newspaper published today, Tuesday, Vahid Alekperov said that restrictions on oil production will depend on market conditions.
“Production regulation may vary depending on the situation and at the moment September 2022 will be a milestone as the restrictions are phased out. The company has up to 900,000 barrels per day of suspended production, which we hope the market will need,” Alekperov said. .
Lukoil had previously stated that he could reduce his stake in the West Qurna-2 oil project in Iraq. Alekperov said Lukoil still is in negotiations with the Iraqi government to remain involved in the project.
Alekperov said the Yamama field in the West Qurna-2 oil field has become difficult to exploit because it contains high levels of hydrogen sulfide.
Read More About: Business News