MOSCOW: Oil prices should be kept below $100 per barrel to avoid investments in “inefficient projects,” the boss of one of Russia’s leading oil companies has warned.
Vagit Alekperov, CEO of Lukoil — the country’s second largest producer — made the claim in an interview with Kommersant newspaper as he called for the OPEC+ alliance to keep oil prices between $65 and $75 per barrel.
Brent crude has mainly hovered in that bracket since April, briefly going above $75 per barrel in July before falling back in August.
OPEC+ last week resisted pressure by the US to increase oil production above a planned rise of 400,000 bpd.
Alekperov said: “I think that the OPEC+ alliance was created to last forever, not for just some period of time.”
He added: “I wouldn’t want to see oil above $100 a barrel again — this would lead to more investment in inefficient projects yielding low profits, and again lead to a collapse on the market.”
The current OPEC+ agreement means Russia is able to increase output at a rate of 500,000 bpd through the end of April 2022.
This will see Lukoil and other Russian oil producers add more barrels each month on a pro rata basis, as per each individual company’s respective share in the country's total crude output.
Russia’s output of liquid hydrocarbons should recover to the pre-COVID level by end of 1Q 2022, Kirill Bakhtin, oil and gas analyst at Moscow-based Sinara Financial Group told Arab News by phone.
“Currently the company has stopped up to 90,000 bpd of production per day, and we hope that this (volume of crude output that has been stopped) will be in demand by the market,” Alekperov said.
Alekperov warned the price of crude is set to change next year. He said: “After all, the oil price is being artificially regulated.
“We understand that due to production restrictions within OPEC+ the current price does not correspond to reality because a fairly large volume of production has been stopped.
"Objectively, the (real) price will become known after September 2022 when the OPEC+ agreement expires.”
OPEC+ should keep crude below $100, Russia oil boss tells Kommersant
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OPEC+ should keep crude below $100, Russia oil boss tells Kommersant
Saudi Arabia found 8m ounces of gold in 2025
RIYADH: Saudi Arabia discovered 8 million ounces of gold during 2025, according to Saudi Gold Refinery Co.’s Board of Directors Chairman.
Suliman Al-Othaim told Al-Eqtisadiah on the sidelines of the fifth edition of the Future Minerals Forum held in Riyadh, that the company’s share of these discoveries reached 1.5 million ounces.
He explained that the company is continuing to update its refineries to process 36 tonnes of gold and issue hallmarks bearing the name of the Saudi Gold Refinery Co. for locally produced gold.
The company owns all production lines and mining services, including aerial and ground imaging, trenching, and well drilling. It aims to achieve 50 percent of local production by 2030, leveraging government support and provided services, according to Al-Othaim.
The year 2025 witnessed an unprecedented historic boom in gold prices, with the metal recording annual gains exceeding 64 percent.
This surge was driven by acute geopolitical tensions and a significant increase in demand from central banks and investment funds.
According to recorded data, the average price of a gold ounce in 2025 ranged between $3,400 and $3,500.
This figure reflects the upward journey that started from levels of $2,710 at the beginning of the year, reaching its historic peak in December when gold hit its all-time highest levels near $4,500 per ounce.
Al-Othaim pointed out that the company benefits from foreign expertise and is working on developing its mines and refineries to be among the leading companies in the mining sector globally.
He added that it will begin implementing a new strategy aimed at increasing production by expanding the scope of its work in the mining field and will seek new opportunities for investment in this sector.
