Oil price to make up $75 in 2016, vice-president of LUKOIL

Vice-president of LUKOIL L.Fedun anticipates that the price of oil will make up $75 per barrel in 2016. “I think it will make up $75 per barrel or more. It will depend on the development of the process of bankruptcy,” he said during a conference call with investors, TASS reports.

According to Fedun, the reduction of oil refining by 100 million tons in Europe will make it breakeven.