Lukoil wants resumption of negotiations with OPEC

US, WASHINGTON (ORDO NEWS) — The largest frequent oil company, Lukoil, is in favor of resuming negotiations with the OPEC cartel after a collapse in oil prices, Vice President of Lukoil Leonid Fedun said in an interview with RBC.

In early March, participants in the OPEC + oil-restricting deal were unable to agree to extend it after March, immediately after that the price of oil fell to a four-year low, dragging the ruble and stock markets with it. Now the cost of the Brent brand is below $ 27 per barrel.

According to Fedun, the price of oil near $ 25 per barrel is “disastrous”, and if OPEC + could extend the deal, the price would be at $ 50 per barrel.

“Yes, now the coronavirus has hit the economy. But the oil shock that occurred (from the collapse of the OPEC + deal), it gives the price, according to our estimates, from $ 20 to $ 25 minus the existing price,” he told RBC.

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