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Reuters
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The CEO of the Russian company “Lukoil”, Waheed Alekperov, spoke about the future of the world oil market and estimated that the rise in the price of a barrel of oil above the level of $ 100 would lead to the collapse of the market . .
Alekperov said in an interview with the Russian newspaper “Kommersant”, “The rise of oil above the level of $ 100 stimulates investment in low profit and inefficient projects, then it will again lead to what we have already experienced , which is the collapse of the market. “
In the words of Alekperov, head of Russia’s largest private oil company, the price of a barrel of oil between $ 65 and $ 75 is comfortable for consumers. Therefore, participants in the “OPEC +” group strive to keep oil prices at this level by regulating production volumes.
Oil prices are currently trading at the level of $ 73 per barrel, and the “OPEC +” group had decided to reduce its production in May 2020 with the fall in prices given the drop in demand for oil, caused by the COVID-19 pandemic. .
Source: RIA Novosti
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