MOSCOW (Reuters) - An oil price of $60-65 per barrel would be comfortable for participants in the deal agreed by the OPEC+ group of producers to limit supply, Leonid Fedun, vice president of Russian oil producer Lukoil (LKOH.MM), said on Tuesday.
The OPEC+ group of producers have committed to some of the sector’s deepest output cuts in a decade starting Jan. 1 in an effort to avert oversupply and support prices.
Fedun said price shocks would only happen if producers violate their commitments.
At 0753 GMT, the price of Brent crude oil LCOc1 was $65.5 per barrel.
Reporting by Olesya Astakhova; writing by Alexander Marrow; editing by Jason Neely