June 23, 2011 / 2:40 PM / 9 years ago

Russia's LUKOIL: we can work in any price climate

MOSCOW, June 23 (Reuters) - Russia’s No. 2 oil producer LUKOIL (LKOH.MM) said on Thursday it can work in any price climate after Brent futures fell $8 to $106.21 per barrel on International Energy Agency (IEA) plans to release oil stocks.

“We think the comfortable oil price for producers and consumers this year is $100-$120 per barrel, but we can work in any price climate,” LUKOIL spokesman Vladimir Simakov told Reuters on Thursday.

“Our experience in 2008 when oil fell to below $40 per barrel showed that we can withstand different prices,” he said, adding that the IEA’s move to release 60 million barrels of oil over 30 days will not affect the company’s production plans.

“60 million barrels is only eight million tonnes, that’s only 1.5 percent of Russia’s production last year,” he said.

ICE Brent August crude LCOQ1 fell $7.84 to $106.37 a barrel by 1356 GMT, having dropped as low as $105.72 after earlier trading as high as $113.40.

Reporting by Jessica Bachman; editing by John Bowker jessica.bachman@reuters.com, +7 495 775 12 42, Reuters Messaging: jessica.bachman.reuters.com@reuters.net

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