BUSİNESS

Lukoil head uneasy with very low, very high oil prices

Limiting oil production is happening for the first time in Russian history, Vagit Alekperov says

Anadolu Agency

Russian Lukoil's head Vagit Alekperov said he is concerned with both very low and very high oil price levels on Wednesday.

Alekperov, speaking at the Russian Energy Week forum in capital Moscow where Anadolu Agency is a media partner, said the current level of oil prices were the results of consolidated efforts, in reference to OPEC and non-OPEC producing countries' attempts to limit output to boost oil prices.

"Our company has also limited oil production," he said and added, "This is happening for the first time in Russian history. We are applying the decision to stop production."

"We overcame the psychological barrier of a production cut deal," he noted. However, he added that the "oil production cut deal must be terminated in time, as there is no shortage of oil".

Alekperov asserted that he did not want to see $70 per barrel in oil prices.

"I'm concerned with very low and very high prices. We need to enter into agreements at the right time and also exit agreements at the right time," he stressed.

Alekperov said that the current century was still deemed a hydrocarbon century in which oil was still in demand.

"That's why modernizing our refineries here in Russia and abroad are very important," he said.

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