Alekperov called $40 a barrel of oil lower limit quotes

Moscow. December 9. Oil prices in 2016 will be in the range of $50 per barrel, said the head of “LUKOIL” Vagit Alekperov.

In his opinion, $40 per barrel is the lower limit of oil prices.

Alekperov noted that the decision of OPEC to keep oil production at the current level, exceeding quotas, was expected. “It (OPEC) was predicted, which came to nothing lead. We predict that in 2016 the price will not go beyond $50 (per barrel),” he said.

OPEC at a meeting on December 4 decided to maintain oil production at current actual rate is 31.5 million barrels per day. The cartel have postponed a decision about the new level of quota before the next meeting, to be held June 2, 2016 in Vienna, due to the uncertainty around Iran.

On Tuesday, the price of Brent crude oil fell below $40 a barrel for the first time since February 2009. On Wednesday, Brent returned to levels above $40 a barrel amid lower forecast of oil production in the U.S. in 2016, published by the Office for information in the field of energy (EIA) of the U.S. Department of energy.