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OPEC+ should not raise oil output, with prices slumping: Lukoil CEO

  • Commodity Oil

London — Lukoil CEO Vagit Alekperov said Thursday he saw no need for the OPEC/non-OPEC producer coalition to raise crude output, given the recent fall in oil prices, and indicated he would like the current supply agreement to be maintained past its expiry at the end of this month.

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Speaking at the St Petersburg International Economic Forum, Alekperov said a Brent price between $60-70/b was "comfortable...Today it is at the lowest range, so we hope that those efforts that our ministers are making will allow it to rise to the highest level of the range."

Front-month ICE Brent futures have tumbled about 19% in the past four weeks on global economic concerns and were trading at $61.17/b at 1113 GMT.

OPEC and 10 non-OPEC allies led by Russia agreed in December to cut a combined 1.2 million b/d in supplies through June to help drain global oil inventories and bolster prices. But despite strong comments from Saudi energy minister Khalid al-Falih that he would like to see the cuts extended, the coalition has not yet announced any decision.

Falih is scheduled to meet Russian counterpart Alexander Novak at the forum this week.

Venezuelan oil minister Manuel Quevedo, OPEC's president for this year, is also at the forum. Among his tasks are brokering an agreement for the date of the next OPEC/non-OPEC meeting in Vienna.

Originally scheduled for June 25-26, Russia has requested a date change to July 3-4, but several members, notably Iran, Algeria and Kazakhstan, have said they are opposed to moving the meeting.