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OPEC-Russia Shouldn’t Extend Cuts If Oil at $60, Lukoil CEO Says

  • Producers should not allow market to move into supply deficit
  • Oil at $55-$60 a barrel suits everyone, Alekperov says
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Lukoil CEO Says Don’t Extend OPEC Cuts at $60 Oil

Oil producers should not extend supply cuts beyond their expiry at the end of March if prices rise to $60 a barrel, said the chief executive officer of Russia’s second-largest oil company.

Russia and OPEC should wind down their deal from April if prices reach that level, said Vagit Alekperov, the billionaire CEO of Lukoil PJSC. They should not allow the market to move into a supply deficit, he said.