December 1, 2017 / 7:34 AM / a year ago

OPEC, non-OPEC will increase production if oil price spikes - Lukoil CEO

VIENNA (Reuters) - OPEC and non-OPEC oil producers will increase production if oil prices spike, the head of No.2 Russian oil producer Lukoil (LKOH.MM) said on Friday.

Lukoil CEO Vagit Alekperov said oil prices should be between $60 and $65 per barrel to avoid mistakes with the market overheating, such as in 2000.

OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signalling a possible early exit from the deal if the market overheats.

Reporting by Dmitry Zhdannikov; Writing by Polina Nikolskaya; Editing by Jack Stubbs

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