World Oil Price Reaches Minimum - Lukoil President

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The world price of oil has hit a low end, Lukoil President Vagit Alekperov told journalists on the sidelines of the IHS CERAWeek on Monday.

HOUSTON (Sputnik) — Global oil prices have dropped by some 50 percent since summer 2014, damaging economies heavily reliant on energy exports, including Russia.

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"I personally believe that the price has reached its minimum," Alekperov said.

Alekperov pointed out to the great reduction in drilling in the United States as proof. “That shows clearly that there is a certain stress on services and companies," he added.

In November 2014, the Organization of Petroleum Exporting Countries (OPEC) decided not to reduce oil output levels, which prompted an even greater slump in prices.

The current price of West Texas Intermediate Crude Oil stands at around $55 per 42-gallon barrel.


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