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LUKoil President Forecasts Oil Prices to Stand at $50 Per Barrel in 2016

Sputnik International

LUKoil President Vagit Alekperov said that the market has stabilized and the average oil price will stand at $50 per barrel. 01.06.2016, Sputnik International

2016-06-01T14:04+0000

2016-06-01T14:29+0000

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LUKoil President Forecasts Oil Prices to Stand at $50 Per Barrel in 2016

14:04 GMT 01.06.2016 (Updated: 14:29 GMT 01.06.2016)

A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International

LUKoil President Vagit Alekperov said that the market has stabilized and the average oil price will stand at $50 per barrel.

VIENNA (Sputnik) – The average oil price will stand at $50 per barrel as the crude market has stabilized, LUKoil President Vagit Alekperov said Wednesday.

"The market has stabilized. We believe that the annual average price will stand at $50," Alekperov told reporters.