Russia’s Lukoil official says sees $80 oil price optimal

ISTANBUL, Oct 11 (PRIME) -- An U.S. $80 per barrel oil price would be the market’s “golden mean,” Vice President of Russian oil producer Lukoil Leonid Fedun told reporters on Tuesday.

“The price which the market needs now… in order for us to satisfy global demand until 2030 is $80 per barrel, according to our estimates,” Fedun said.

The Brent price exceeded $53 on Monday after President Vladimir Putin said that Russia is ready to join OPEC in tis production cut efforts.

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