MOSCOW (Sputnik) — LUKoil head said that he did not expect the Organization of the Petroleum Exporting Countries (OPEC) to agree on cutting oil production during its upcoming meeting, set to kick off on June 5.
"We believe that oil prices in the coming years are unlikely to exceed $75-80, this in a medium-term period, from three to seven years," Alekperov said in an interview with Rossiya-24 television channel.
After reaching a five-year low of under $50 per barrel in January, Brent crude futures currently stand at some $62, while WTI crude stands at nearly $57 per barrel.
During its last meeting in November 2014, OPEC, whose 12 member states account for over a third of the world’s oil output, decided against trying to boost plummeting oil prices through production cuts.
