Rosneft Budget Based on Oil Price of $63 a Barrel

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Russian oil producer Rosneft’s budget is based on an oil price of $63 a barrel. CEO Igor Sechin said in an interview with state TV channel Rossia One. Interfax news agency reported.

Commenting on current market situation. he said: “I think the (oil) price will approximately be within a range of $75. maximum $80 per barrel“.

Last month. the Organization of the Petroleum Exporting Countries and other producers led by Russia agreed to ease global output cuts. adding around 1 million bpd to the market from July 1 to curb a jump in the crude prices.

Sechin said last month he was satisfied with oil prices rising to $70-$80 per barrel.