July 22, 2018 / 11:46 AM / 4 months ago

Rosneft budget based on oil price of $63 a barrel -Interfax

A view shows a helmet with the logo of Rosneft company in Vung Tau, Vietnam April 27, 2018. Picture taken April 27, 2018. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russian oil producer Rosneft’s (ROSN.MM) budget is based on an oil price of $63 a barrel, CEO Igor Sechin said in an interview with state TV channel Rossia One, Interfax news agency reported.

Commenting on current market situation, he said: “I think the (oil) price will approximately be within a range of $75, maximum $80 per barrel”.

Last month, the Organization of the Petroleum Exporting Countries and other producers led by Russia agreed to ease global output cuts, adding around 1 million bpd to the market from July 1 to curb a jump in the crude prices.

Sechin said last month he was satisfied with oil prices rising to $70-$80 per barrel.

Reporting and writing by Denis Pinchuk; editing by David Goodman and Jason Neely

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