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.

"We are ready to cut (our oil production) as much as we are told to. Better to sell less oil but at a higher price."