Russia’s second-largest oil producer Lukoil expects oil prices to remain at about $55 this year, company CEO Vagit Alekperov said.
“Lukoil feels quite comfortable, we are fulfilling all our investment programs,” he said. “We have kept the budget based on oil prices of $40 per barrel. We think that oil prices will remain at the level of $55 dollars,” he said.
“The Russian Energy Ministry’s efforts jointly with the OPEC countries have produced their results, that’s why we are optimistic,” he said.
Alekperov said in December that Lukoil expects oil prices to range between $40-50 per barrel in 2017 and to rise to $60 in 2018. He said his company can endure prices of $20 or even $15 per barrel if it cuts its investment programs.
The Lukoil CEO also said that his company’s budget will be based on oil prices of $40 in 2017, $50 in 2018 and $60 in 2019.