OPEC+ striving hard to keep oil prices at $65-$75 a barrel – Lukoil

The OPEC and its allies (OPEC+) is trying hard to maintain oil prices in the $65-$75 range per barrel, Vagit Alekperov, the head of Russia's No. 2 oil producer Lukoil said earlier this week.

Key quotes

“Oil prices of $65-$75 were "comfortable" for consumers.”

"Regulation (of output) can be different depending on the situation.”

"For now September 2022 will mark a milestone when the restrictions should phase out. The company has up to 90,000 barrels a day of idle production, which we hope will be needed by the market."

WTI implications

WTI was last seen trading at $69.40, modestly flat on the day, digesting the latest Energy Information Administration (EIA) weekly crude stockpiles report.