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LUKOIL considers it necessary to resume oil talks between Russia, Saudi Arabia

March 20, 2020/ 08:26

Moscow. Vice President of Russia’s oil major LUKOIL Leonid Fedun considers it necessary to resume talks between Russia and Saudi Arabia to stabilize the situation on the oil market.

"It is necessary to reach agreements again, though for doing that it is necessary to overcome the pessimism of those who thwarted the deal," he said in an interview aired by the RBC business news channel on Thursday, adding that the oil price would equal around $50 per barrel if the deal had not failed at the talks on March 6, told TASS.

With oil prices staying low, Russia’s production may start falling, Fedun noted. "According to the scenarios that we are currently revising, in case of failed [OPEC+] deal and oil prices in the range below $35 [per barrel], production in Russia will start falling in 2022-2023," he said.

Meanwhile, Fedun expects crude production in Russia to rise slightly starting April 1, 2020. "Around 10% of the Saudis’ increase at best," he noted.

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