OPEC’s oil cut proposal enough to push prices back to $60 per barrel

BRUSSELS: OPEC’s proposal to cut oil production by up to 1 million barrels per day is enough to balance the market and lift oil prices back to $60 per barrel, Leonid Fedun, vice-president of Russia’s second-biggest oil producer Lukoil, told Reuters.

“Conoravirus… is a short-lived factor which is affecting oil prices… There will be an OPEC (and non-OPEC) meeting, compensatory measures will be taken which will take the excess oil off the market and oil price will rebound,” Fedun said.