HOUSTON (Sputnik) — The price of oil will reach as much as $60 dollars per barrel by the end of June and will be as high as $65 dollars per barrel by the end of the year if stakeholders continue implementing the output reduction deal, Lukoil and PetroChina Board of Directors Member Richard Matzke told Sputnik.
"I believe when the present dust settles we will have a $58-60 price by June 31 and $62-65 by December 31," Matzke said.
The former Chevron vice chairman noted that his position is based on keeping his "ears open" rather than "massive detailed research."
The accord was supported by 11 non-OPEC states, including Russia, which had joined the deal by promising to reduce oil output by 558,000 barrels per day.
The deal caused the price of crude oil to climb to $55-56 per barrel, boosting optimism in the energy market.
The agreement was reached for a six-month period with a possibility to extend it.
