Oil Prices to Remain at Under $80 a Barrel for 3-7 Years – LUKoil

Global oil prices will not exceed $75-80 per barrel in the next three to seven years, President of Russian oil giant LUKoil Vagit Alekperov said Thursday.

MOSCOW (Sputnik) — LUKoil head said that he did not expect the Organization of the Petroleum Exporting Countries (OPEC) to agree on cutting oil production during its upcoming meeting, set to kick off on June 5.

"We believe that oil prices in the coming years are unlikely to exceed $75-80, this in a medium-term period, from three to seven years," Alekperov said in an interview with Rossiya-24 television channel.

Oil prices more than halved during the last six months of 2014 amid oversupply in the market.

After reaching a five-year low of under $50 per barrel in January, Brent crude futures currently stand at some $62, while WTI crude stands at nearly $57 per barrel.

During its last meeting in November 2014, OPEC, whose 12 member states account for over a third of the world’s oil output, decided against trying to boost plummeting oil prices through production cuts.