UPDATE 1-Lukoil CEO says prolonged $70 oil should trigger move to exit OPEC+ cuts

From Reuters - January 12, 2018

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By Olesya Astakhova

MOSCOW, Jan 12 (Reuters) - Lukoil CEO Vagit Alekperov said on Friday Russia should start exiting a global oil output cut deal if crude prices remain at $70 per barrel for more than six months.

Russia and Saudi Arabia are leading the wider OPEC and non-OPEC effort to limit oil production to prop up crude prices. Yet, oil that is too expensive could further encourage output from shale oil producers, putting pressure back on prices.


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