Oil at $60-65 per barrel 'comfortable' for OPEC+ producers: Lukoil

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger

MOSCOW (Reuters) - An oil price of $60-65 per barrel would be comfortable for participants in the deal agreed by the OPEC+ group of producers to limit supply, Leonid Fedun, vice president of Russian oil producer Lukoil, said on Tuesday.

The OPEC+ group of producers have committed to some of the sector’s deepest output cuts in a decade starting Jan. 1 in an effort to avert oversupply and support prices.

Fedun said price shocks would only happen if producers violate their commitments.

At 0753 GMT, the price of Brent crude oil was $65.5 per barrel.

Reporting by Olesya Astakhova; writing by Alexander Marrow; editing by Jason Neely