LUKOIL CEO sees $70-90 as fair oil price - report
MILAN, Dec 18 (Reuters) - A fair price for a barrel of oil is between $70 and $90, LUKOIL's (LKOH.MM: Quote, Profile, Research) chief executive said in an interview published on Thursday.
"The current one does not favour working in some fields nor new exploration under extraordinary conditions," Vagit Alekperov was quoted as saying to Italian daily Corriere della Sera.
"The right price is between $70 and $90. The price will stabilise at a favourable level for producers and consumers," he added.
Oil CLc1 extended it losses to below $40 a barrel on Thursday after rising U.S. crude inventories and further evidence of slowing demand offset OPEC's production cut.
Alekperov attended the OPEC meeting in Oran, Algeria where oil ministers agreed on Wednesday agreed to cut production by 2.2 million barrels per day in a bid to balance supply with rapidly falling demand. (Reporting by Gilles Castonguay; Editing by Michael Urquhart)
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