Lukoil CEO sees oil price of US$50 per barrel by year-end

[MOSCOW] Oil industry is entering a period of "stable oil prices and growth", Vagit Alekperov, chief executive of Russian major Lukoil said on Wednesday, forecasting an oil price of US$50 per barrel by the end of this year.

Russian oil companies have by now adapted to low global oil prices, and the failure of the weekend meeting in Doha to reach agreement on freezing oil output "was not a catastrophe", Mr Alekperov told reporters on the sidelines on an energy forum.

He also said that Lukoil was ready to "sharply increase"investments and production at the West Qurna-2 oilfield in Iraq. He said he saw a production peak of 1.2 million barrels per day at this oil deposit in 2021.

REUTERS